Did you know that first time buyers can purchase a home with only 5% down:

CONDITIONS:
1. Price of property purchased is $300,000 (lower mainland) or less.
2. Home must be your principal residence-this does not apply to investment property.
3. Buyers must not have owned a home as a principal residence in the past 5 years.
Exceptions:
a) Only one buyer has to qualify for 2 and 3.
b) Harship due to homeowner having had to sell their principal residence.
i) due to formal marital break up (includes common law)
ii) for emloyment reasons and moved to a new geographic area.
iii) and sustained a loss of equity. Provided that the net proceeds from the sale are applied to the purchase of subsequent principal residence as part or all of the down payment.
4. Payment for principal, interest, property tax, heating and 50% of any condominium fees can't exceed 32% of your gross family income.
5. Your total debt load can't exceed 40% of your gross family income.
6. CMHC Mortgage insurance must be purchased at a cost of 2.5% of the mortgage balance. This insurance is for the sole benefit of the lender but is required by law.
7. Down payment must be from your own resources or a gift. Financial gift from family must be in the buyers possession at least 30 days before making an offer.
8. Mortgage term must be at least 3 years but must be qualified at five years or longer.
9. At least one year on your current job.
10. Clean credit rating.
11. Buyers are required to demonstrate at the time of application their ability to cover closing costs of at least 1.5% of the purchase price in addition to the 5% down payment.
12. Maximum amortization period is 25 years.


Others conditions may apply. For more information on this or for any Vancouver MLS Real Estate inquiries call your BC Real Estate agent,Dee at 604-942-0606 or email Dee at dhnatko@remax.net

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