B.C. offers five-year, interest-free down-payment loans to first-time buyers
SURREY, B.C. — British Columbia has announced a program to get first-time homebuyers into the real-estate market by offering interest-free and payment-free loans for the first five years.
Premier Christy Clark said Thursday the government will provide a 25-year loan for a down payment to a maximum of $37,500 on funds that 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.
“People need a partner in scraping together that first down payment,” Clark told a news conference.