There is no question that buying a home is one of the most important decisions you can make with your money. Given the importance of this purchase, it’s always a good idea to find the best possible deal for your purchase and the BC home partnership program gives first-time buyers some great benefits. In this article, we are going to be talking about the basic information you need to know before you apply for this approval.
The requirements to qualify
In order to qualify for the BC program, you need to be pre-approved by a financial lending institution. You will we requested to provide identification, residency proof and any tax and income proof that they consider necessary. A kit will be provided to you and it will include all of the required information for all parties involved.
You are also going to need to have savings for the same amount as the loan you are applying to get. Gifted down payments from immediate family are allowed. You should also be a citizen of Canada or a permanent resident that has been in the country for no less than five years. You should also have lived in BC for no less than one year and you should be a first-time buyer that has never owned a residential property at any location both in Canada and all over the world.
The purchase price for the home has to be lower than 750k and those who want to purchase the property need to qualify for insured mortgage for no less than 80% of the purchase price. The other important requirement is that the income of the buyer can’t be higher than 150K per year.
It’s important for people to understand their debt ratio and being able to budget correctly is going to be essential. It’s always a good idea to work with experienced brokers and Rampone-Marsh Mortgages provides a service that is going to give you all of the advice you need in order to be able to make an informed purchase.
If you are looking for the best Kelowna Mortgage Brokers, you will find that Rampone-Marsh offers the most reliable and professional services and they will make sure that you get the results that you need when you apply for the BC Home Partnership Program.
Be sure to take the time to consider the short term goals that you might have in life. Consider if you plan to have children or if you still have a student loan debt to handle. Do you plan to work in an area close to your home or will you be traveling far? These are all questions that you need to ask yourself before you make a decision.
It’s essential to get professional advice and this is going to help you look into things that you will probably not even consider when you are looking to buy a home. This is an extremely beneficial investment that will make it very easy for you to get the best results out of your first home purchase.