This is a Great mortgage question and one that I’ve been receiving a lot lately You may be surprised by my answer… As some of you may know a $10,000 First time home buyer bonus was introduced in the most recent budget. This is NOT a tax credit as many blogs are incorrectly stating. It works like this, if you purchase a brand new home and you qualify as a first time buyer, the government will send you a bonus cheque for up to $10,0000. A client asked me “Can I use this First Time Buyer Bonus as my down payment when I qualify for my mortgage for the purchase of a new home in Vancouver”? To be 100% sure, I called CMHC (Canadian Mortgage and Housing Corporation) and spoke with one of their underwriters. So I asked her, what if a family member gifts me the $10,000 for my mortgage approval, then when I purchase the home and take legal ownership and I receive the BC First Time New Home Buyers Bonus cheque, I gift the $10k to my family member. She said “we don’t care what you do with the money”. So I told this to my client, she immediately went on line to www.NotaPennnyDown.com and submitted a mortgage application for the purchase of a new home in Vancouver. Under down payment she wrote, “My parents will gift me the down payment, then as told by CMHC, I can do whatever I want with the money”. Additional information on the program is available at: Imagine a FREE cheque for $10k Mark Fidgett is a Vancouver mortgage broker Your Vancouver Mortgage Broker For Life 604-273-2002 P.S. Who’s the next person you know who wants to save thousands off their mortgage? Be sure to give me a call so we can help them! 604-273-2002
Can I use the FREE $10,000 BC First Time New Home Buyers Bonus as my Down Payment?
She told me that because the refund cheque is issued after legal ownership has taken place and your down payment is needed before, it wouldn’t work.
http://www.sbr.gov.bc.caClick HERE to apply
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