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RRSP DOWN PAYMENTS
* Applicants have not owned principal residence in the past 5yrs,
(unless it was a revenue property)
* Each applicant can draw up to $25,000.00
* Funds not restricted to down payment, may be
used as part of closing costs, or any other purpose-anything at all
-like buying a boat or a car, instead of paying it down on the
mortgage
* Repayment is over 15 years no interest,
($1666.66 pa or $138.88 per month on $25,000.)
* RRSP MUST have been invested for more than 90
days before withdrawal to qualify
* Must live in principal residence for one
year
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5 % DOWN
PROGRAM
* All buyers with good credit & income now qualify.
This is no longer a first time buyers program
only.
* There is now no maximum purchase price for CMHC/ Genworth insured
Mortgages
* CMHC/ Genworth will charge an insurance premium of 2.75% to 3%
+/- of the mortgage amount, depending on the amortization. Premium
is included in mortgage.
0%
Down
There is no true 0% down program available. It is
possible to buy with 0% down, if you take cash back, but the
interest rates are quite high, and this is not recommended.
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BC
Property Transfer Tax
* Applicants have not owned a principal
residence anywhere in the world
* Maximum purchase price in Lower Mainland is
$425,000 (pro-rated up to 450k)
* Otherwise you pay the BC Gov't 1% of the 1st
200k, and 2% of balance of the purchase price
* May qualify for 50% reduction in tax if one of
the joint applicants is a first time buyer
* Canadian citizen and resident of BC for one
year
* Must be principal residence for one year
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