My thanks go to April Dunn who is a Mortgage Broker, who has been assisting clients to purchase, refinance or renew their mortgages for over 15 years.
She has brought to my attention a current mortgage product that I thought some of you reading might be particularly interested in, when buying condos and town homes this summer if you have children attending UBCO this fall.
April is the Managing Broker of Mortgage Alliance Homeline Mortgage, an independent franchise of the Mortgage
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 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 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 home. Maybe you would like to move them closer to you and your family?
There is no maximum mortgage amount but it 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
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. Canada
If you have questions on this program or any of the other programs available to purchase second homes or vacation properties, please give April a call or e.mail at 250-826-3543 or firstname.lastname@example.org
Tel 250 864 1707