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Home Buyers

home: Current borrowers under the program will not be affected, a B.C. Housing official said in a statement on Thursday.article continues below Trending Stories Tessa Virtue's hilarious response to Ryan Reynolds tweet goes viral20 cm of snow expected as Vancouver struggles with winter's return Dog killed in possible electrocution at Lonsdale Quay Both sides of Yaletown parking debate state their casesrelated Third of first-time home buyers don't fully understand ownership costs Free forum aims to educate and help local home buyers A review of the program indicates that it's helped far fewer first-time home buyers than expected, according to Vancouver Courier. The previous B.C. government brought in what was to be a three-year, 700-million program to help qualifying first-time homebuyers with a down payment loan of up to 37,500, or up to five per cent of the purchase price. Applications under the B.C. Home Owner Mortgage and Equity Partnership will be accepted until the end of March. Loans are for an initial 25-year term, which is interest and payment free for the first five years. It had been expected to help about 42,000 people buy homes. The loan is registered on the property title as a second mortgage. ( As reported in the news.