First-time home buyers looking to get into the B.C. real estate market can benefit from a new program launched by Vancity Credit Union. The program is meant to help buyers looking to get into the market but don't have the minimum 5 percent down payment. All you need is 2.5% down and Vancity will cover the other 2.5%. Details are below on the Down Payment Helper Mortgage from Vancity. This program runs till August 1, 2014.
Down Payment Helper Mortgage
As a member-owned co-operative, we believe in listening to your needs. One such need that we’ve heard from our members is that it is difficult to save up the down payment required to purchase a home.
The Down Payment Helper Mortgage* is an innovative solution to give first time homebuyers a hand up to achieving home ownership.
Vancity will contribute up to 2.5% of the 5% minimum down payment required when purchasing a home up to $500,000. We’ll also provide you the advice you need to ensure that this product is right for you.
- · Maximum home purchase amount is $500,000
- · Maximum amortization is 25 Years
- · Maximum Vancity contribution to down payment is $12,500
- · Maximum mortgage amount is $475,000
- · No minimum mortgage amount required
- · Eligible on 5-year fixed term and 5-year Variable fixed term
- · This offer can be combined with the $1,500 savings on legal and appraisal fees promotion*
- · Must be approved by CMHC or Genworth (high ratio carriers)
Contact Sat or Amar to get you into touch with one of our Vancity brokers.