The family plan program

This great program is available to enable people to help buy a home for immediate family members who have good credit but may lack the income to qualify for a mortgage on their own, with as little as a 5% down payment.

Perhaps you are a parent who would like to assist an entrepreneurial child buy a home and because they are self-employed they may not qualify using the new standard guidelines.

Or, you would like to help your adult child buy a home when they are attending school for post secondary education. This is a great option for parents who may not want to waste money on rent while their kids are attending UBCO!

Or, are your parents on a fixed income? This is a great way to help them into a home of their own. Maybe you would like to move them closer to you and your family?

The maximum property value is less than $1,000,000. The program cannot be used to purchase an investment property or to build a home and the home must be occupied by an immediate family member.

An immediate family member is defined as a father, mother, child, brother, sister, grandparent, legal guardian, or legal dependant.

All qualifying applicants, including the resident family member, must be on the title of the property.

In order to qualify for this program you must have clean credit, stable employment and income, positive net worth and a down payment from your own resources. The down payment cannot be borrowed.

This particular program is not available for anyone who is new to Canada and it cannot be used for second homes or vacation properties but there are other programs available should you be considering one of the above.

 

If you have questions on this program or any of the other programs available to purchase second homes or vacation properties, please give me a call at 250-826-3543 or email to [email protected]

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.