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First-time homeowners have usage of rebates, tax credits and programs to improve home affordability. High-ratio mortgages allow first payment as low as 5% but have stricter qualification rules. The CMHC Green Home Program offers refunds on house loan insurance premiums for energy efficient homes. The CMHC Green Home rebate refunds around 25% of annual private mortgage lenders BC insurance charges for buying power efficient homes. The minimum down payment is 5% on mortgages up to $500,000 and 10% above that amount for non-insured mortgages. private mortgage brokers applications require documenting income, taxation statements, deposit sources, property value and overall financial picture. Lenders closely review income stability, credit score and property appraisals when assessing private mortgage lenders BC applications.
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