A purchase program is now available that is helping remove the barriers to homeownership for local residents looking to purchase a home. North America Home Finance has recently expanded its HomePlan program to Kelowna, allowing first-time homebuyers a greater opportunity to become real estate owners.
With a 1% down payment purchase program, HomePlan is currently offering a selection of new-construction, three-bedroom townhomes featuring double car garages, fully fenced back yards, and private decks in a convenient, family-friendly neighbourhood. These quality built homes not only offer an attractive entry price, but community amenities including personal organic garden spaces, a barbecue and covered outdoor dining area, and private playground. These spacious townhomes are pet-friendly and currently completing final construction, with many now move-in ready.
With the current price of Kelowna area housing, a 10% to 20% downpayment is challenging for many, followed by difficulty passing the stress test lending criteria due to interest rates, inflation and cost of living increases. HomePlan takes on these challenges with an innovative new approach to the rent-to-own structure, created to allow first-time buyers to live in their new home while saving money to actively build equity and demonstrate their ability to carry monthly costs.
Most rent-to-own programs are designed to favour landlords, but HomePlan helps prospective homeowners with a structure that begins with a 1% deposit on the current market value of the home. Deposits will be credited towards the future purchase of the home, and a right-to-purchase option gives future homebuyers a registered interest on title, meaning their financial interests are legally protected.
HomePlan begins with a seven-year option term before the HomePlan purchaser would need to obtain a mortgage and complete the purchase, but most buyers aim to have enough equity saved to purchase the home by the end of year five or six. Because the mortgage is held by North America Home Finance, there is no CMHC penalty for having a down payment of under 20%.
With many Kelowna residents searching for a pathway to make the move from renter to homeowner, HomePlan is an attractive new option. To learn more about the current and future offers from HomePlan in Kelowna, visit MakeaHomePlan.com for more details or to contact a representative.
This article is written by or on behalf of the sponsoring client and does not necessarily reflect the views of Castanet.