VICTORIA — The B.C. government will loan first-time homebuyers some of the cash they need to afford their down payment, Premier Christy Clark announced Thursday.
The program will provide a government-backed loan of up to $37,500, or five per cent, of the purchase price of a home for qualified buyers, starting Jan. 16.
The goal is to match part of a person’s down payment to help them afford to buy their first home, as long as they already qualify for a mortgage under federal rules and the home is worth less than $750,000.
“What we know is for many first-time home buyers qualifying for a mortgage is hard, but getting past that down payment and scraping together the $25,000 or $50,000 you might need to be able to get into your first home is just impossible,” said Clark.
