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Steps to Buying your First Home

Steps to Buying your first home

There are unique programs available to first time homebuyers that can make buying your first home easier and more affordable.

Congratulations on taking the first steps towards buying a home!

This is a very exciting time and with experienced professionals helping you along the way, buying your first home is within reach.

There are unique programs available to first time homebuyers that can make buying your first home easier and more affordable.


Home Buyers’ Plan (HBP)

Buy your first home with the HBP program. The HBP program is an effective way to help first time home buyers access funds for a down payment. The plan allows for withdrawals of up to $25,000 per person (or $50,000 per couple) from registered retirement savings plans (RRSP’s) to aid in buying or building a qualifying home.

 Download the RRSP Homebuyers Withdraw form

5% Down Payment Mortgages 

The objective of 5% Down Payment Mortgages is to assist those with good credit and steady incomes to purchase a home. 5% down payment mortgages can be ideal for:
·    Current renters who often worry they won’t be able to afford a home or save enough money for a down payment
·    Professionals starting their careers or may have large student loans
These mortgages can go as high as a 25-year amortization

Down Payment from a Gift (Non-Borrowed Funds)

All or part of the minimum equity requirement (5% for down payment plus 1.5% for closing costs) may be provided by way of a financial gift as long as all of the following conditions are met:

  • The lender has verified that the funds are in the recipient's possession at least 15 days prior to closing
  • The lender is satisfied that the money is a genuine gift
  • The giftor is an immediate relative of the recipient 

Homebuyers can receive down payment from borrowed sources that include:

  • Personal loans or lines of credit secured or unsecured

Note: When using a borrowed down payment there are higher credit criteria and also increased insurance premiums.

Borrowed Down Payment

Homebuyers can get their down payment from borrowed sources that include lender cash back incentives, personal loans, lines of credit or credit cards or unsubstantiated gifts. Please Note: When using a borrowed down payment, there are higher credit criteria and also increased insurance premiums.

Purchase Plus Improvements Program

This program is ideal for homebuyers who want to make improvements to their new property and are comfortable being reimbursed when the work has been completed.

  • Up to 20% increase of the purchase price/appraised value by a maximum of $40,000.00
  • Owner occupied only  - House/Townhome/Condo

Downpayment: The downpayment is based on the total value of the property plus the value of the improvements.

  • Conventional – 20% or more
  • Insured - 5% or more (insurance premiums apply and will be added to the mortgage)
  • Same rules for downpayment history
  • Amortization - 25 years for insured; 30 years for conventional

Examples of Property Improvements

  • New roof/patio/deck
  • Update kitchen/bathroom                                          
  • Energy efficient windows/doors
  • Flooring (carpet, laminate, hardwood)                                                                    
  • Paint          
  • Finish or renovate basement                                                              

Exclusions - anything that can be moved (i.e. appliances - fridge, stove, washer/dryer)

The process:

  1. Submit a list of improvements and contractor quotes with the application.
  2. The mortgage will be approved for the purchase price plus the cost of the improvements.
  3. When the purchase completes, the funds for the improvements are held in trust at the lawyer’s office.
  4. Borrower’s initial funds are used to complete the work.
  5. Confirmation that the work has been completed is required (paid invoices, inspection or appraisal may be required).  
  6. Funds are released to the borrower thru the lawyer.


BC Government Announces New Changes to First Time Home Buyer Policy

First Time Home Buyers now purchase up to $475,000 home without paying property transfer tax. This is great news with rising house prices.

The BC Government has issued amended First Time Home Buyers requirements.

The qualifications for the exemption are as follows:  A first time home buyer can now qualify for a full exemption with a purchase price of less than $475,000.00 (previously $425,000.00).

A partial exemption is available if the purchase price is more than $475,000.00 but less than $500,000.00.

For more information go to:

process TO arrange financing for buying your first home

Step 1: Obtain Pre-Approval

Arranging a pre-approval at a competitive rate is the most important step for being prepared to buy your new home. It protects you in the event of an interest rate hike and provides you and your realtor with a maximum house purchase price, based on your financial situation, so you can shop with confidence.

Step 2: Go House Hunting

This is where the right realtor makes all the difference. He or she will help you find a property that suits your needs and ensure any contract- to- purchase protects you. With such an important decision, expert guidance is a critical element.

Step 3: Subject Removal

Subject removal happens once you have received confirmation that your mortgage is approved.

Step 4: Mortgage Completion

You now own your own home. We will be available to answer any questions or financing needs you may have in the future.

Dreyer Group Mortgages is here to help you along the way with all of your financing needs when buying your first home and beyond.

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