CMHC CRITERIA

IT IS POSSIBLE FOR FIRST TIME REAL ESTATE BUYERS TO RECEIVE 95% FINANCING THROUGH CMHC.  TO QUALIFY FOR THIS HIGH RATION FINANCING THE FOLLOWING CONDITIONS MUST BE MET BY THE BUYER:

• MAXIMUM PURCHASE PRICE OF $250,000
• PURCHASER MUST BE FIRST TIME BUYER (ONLY ONE APPLICANT MUST HAVE THIS STATUS)
• MINIMUM LOAN TERM MUST BE 3 YEARS & QUALIFICATION IS BASED ON 5 YR TERM
• GROSS DEBT RATIO(GDR) CANNOT EXCEED 32% OF THE GROSS HOUSEHOLD INCOME.  MUST ALSO INCLUDE TAXES, HEAT & 50% OF STRATA FEES
• TOTAL DEBT RATIO (TDR) CANNOT EXCEED 40% OF THE GROSS HOUSEHOLD INCOME
• MAXIMUM AMORTIZATION IS 25 YEARS
• BUYER MUST ALSO DEMONSTRATE ABILITY TO COVER COSTS IN THE AMOUNT EQUAL TO AT LEAST 1.5% OF PURCHASE COST
• $75 APPLICATION FEE IS PAYABLE
• INSURANCE PREMIUM IS 2.5% OF MORTGAGE AMOUNT WHICH CAN BE ADDED TO LOAN AMOUNT
• IF BUYER IS NOT A FIRST TIME HOME BUYER THE MAXIMUM AMOUNT FOR A CMHC LOAN IS 90% OF APPRAISED VALUE OR PURCHASE PRICE, WHICH EVER IS LESS
  CMHC at 604-731-5733 for further information.

PROPERTY PURCHASE TAX 
RELIEF PROGRAM

• BUYER MUST BE A FIRST TIME BUYER
• PURCHASE PRICE MUST BE BELOW $275,000
• TOTAL FINANCING MUST BE 70% OR MORE OF PURCHASE PRICE
• BUYER MUST HAVE BEEN A BC RESIDENT FOR ONE YEAR OR LONGER
• PROPERTY MUST BE BUYERS FULL TIME RESIDENCE
• BUYER MUST BE A CANADIAN CITIZEN OR LANDED IMMIGRANT
  FOR FURTHER INFO CALL 1-250-387-0604

RSP FUNDS USED FOR HOME PURCHASE

RSP FUNDS CAN BE USED FOR HOME PURCHASE UNDER THE FOLLOWING CONDITIONS:

• MAXIMUM OF $20,000 IF FIRST TIME PURCHASE OR FIRST TIME PURCHASE WITHIN THE PAST 5 YEARS
• MUST PAY BACK TO RSP WITHIN 15 YEARS WITH 3 YEARS ALLOWED BEFORE REPAYMENT MUST COMMENCE
  FOR FURTHER INFO CALL 1-800-959-8281