B.C. government offers first-time home buyers five-year, interest-free down-payment loansDecember 15, 2016 9:59 pm
SURREY, B.C. — British Columbia’s government wants to help first-time homebuyers get into the market by offering interest-free and payment-free loans for the first five years.
Premier Christy Clark says the government will provide first-time homebuyers with a 25-year loan for a down payment on a home to a maximum of $37,500, as long as the funds have been matched by buyers.
The program applies to homes with a maximum value of $750,000 and the interest-free portion of the loan will last for the first five years, with the repayment schedule at current interest rates over the remaining 20 years.
Clark said most people can remember how difficult it was to put together the money for a down payment on their first home.
Categorized in: Financial Post