10 IMMIGRATION PHILIPPINE ASIAN NEWS TODAY February 1 - 15 , 2017
The Notary Corner
By Editha Corrales Nelson Immigration Consultant , Notary Public , Mediation / Arbitrator
Saving for a mortgage down payment can be hard for first-time homebuyers . The B . C . Home Owner Mortgage and Equity Partnership program contributes to the amount firsttime homebuyers have already saved for their down payment , providing up to $ 37,500 , or up to 5 % of the purchase price , with a 25-year loan that is interestfree and payment-free for the first five years . Through the B . C . HOME Partnership program , the Province is investing about $ 703 million over the next three years to help an estimated 42,000 B . C . households enter the market for the first time .
“ The first step into the market can be the hardest step , so our government will partner with homebuyers to help them achieve their minimum down payment ,” said Rich Coleman , Minister of Natural Gas Development and minister Responsible for Housing . “ This partnership can help lower their monthly costs in the first five years , and help make home ownership more affordable . This partnership program is another important way we ’ re taking action on housing affordability .”
During the first five years , no monthly interest or principal payments are required as long as the home remains the homebuyer ’ s principal residence . After the first five years , homebuyers begin making monthly payments at current interest rates . Homebuyers will repay the loan over the remaining 20 years , but may make extra payments or repay it in full at any time without penalty . The loan must be repaid in full when the home is sold or transfered to another owner .
To be eligible , buyers must be preapproved for an insured high-ratio first mortgage ( mortgage down payment is less than 20 % of the home price ). On completion of the sale , program funds will be advanced and the loan will be registered as a second mortgage on the property ’ s title .
Other programs are available to help first-time buyers save on property transfer tax . The First Time Home Buyers Program can save first-time buyers up to $ 7,500 when purchasing a home valued up to $ 475,000 . Or , firsttime buyers can access the Newly Built Homes Exemption , which can save buyers up to $ 13,000 in property transfer tax when purchasing a newly constructed or subdivided home worth up to $ 750,000 .
The B . C . Home Owner Mortgage and Equity Partnership program will start accepting applications Jan . 16 , 2017 .
B . C . Home Owner Mortgage and Equity Partnership program details
Am I eligible for a partnership loan ?
The program supports eligible first-time homebuyers who are approved for an insured high-ratio first mortgage . To qualify for the program , all individuals on title must :
• Have been a Canadian citizen or permanent resident for at least five years .
• Have resided in British Columbia for at least one year
New Program Partners with First-time Homebuyers as they enter the Housing Market
immediately preceeding the date of application .
• Be a first-time buyer who has not owned an interest in a residence anywhere in the world at any time .
• Use the property as their principal residence for the first five years .
• Purchase a home that has a purchase price of $ 750,000 or less ( excluding taxes and fees ).
• Obtain a high-ratio insured first mortgage on the property for at least 80 % of the purchase price .
• Have a combined , gross household income of all individuals on title not exceeding $ 150,000 .
• Have saved a down payment amount at least equal to the loan amount for which the buyer applied .
What do I do and how do I apply ?
Step 1 : Get preapproval for an insured first mortgage from your financial lending institution .
Step 2 : Apply to BC Housing for the B . C . Home Owner Mortgage and Equity Partnership program loan . If you are eligible , you will receive confirmation of eligibility and Homebuyer ’ s Kit , which includes information for your lender , real estate licensee , and lawyer / notary public .
Step 3 : Find your home and provide the details of your planned purchase to BC Housing for approval .
Applications for the program will be accepted starting Jan . 16 , 2017 , for purchases that will close on or after Feb . 15 , 2017 .
What information will I need to apply ?
Buyers can begin gathering the documents they ’ ll need to submit an online application . Buyers will need :
1 . Proof of status in Canada and residency in British Columbia .
2 . Secondary identification ( must include your photo ).
3 . Proof of income and tax filings .
4 . Insured first mortgage pre-approval .
Strictly Taken from the BC Housing website
A Canadian Certified Immigration Consultant , Certified Senior Advisor and a Notary Public in the City of Burnaby , Editha Corrales Nelson ’ s preferred areas of practice are Powers of Attorney , Wills Preparation , International Legal Documents , Name Changes , Affidavits , Letters of Invitation , Statutory Declarations , Drafting of Business Contracts and other notarial services . For an appointment , please call : 604- 777-2757 .
The following should not be construed as providing legal advice and information in this column is intended only as a general guide and should not be applied to specific circumstances without further consultation . For more information on the subject , contact Editha Corrales Nelson at 604-777-2757 or email : corrales @ shaw . ca .
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RCMP continues probe ... FROM 9
2017 , the couple ’ s son Paul , 18 , pleaded for anyone with information related to the mysterious disappearance of his parents in Northern B . C . six months ago .
Paul Vornicu ’ s Filipino mother and Romanian father met in Canada before raising Paul in Toronto .
The family moved to the Lower Mainland when Paul was 12 years old .
“ We were just a quiet , nice family ,” Paul Vornicu said from the Summerland home of a friend whom he is now staying with .
But last summer Paul ’ s world was turned upside
down when his parents , who had just decided to move to Williams Lake , disappeared .
“ I was freaking out , I didn ’ t know where she was or what they were doing , they were supposed to call me as soon as they got up there and it shouldn ’ t have taken them so long ,” he said in the Global News report .
RCMP North District media relations officer , Cpl . Madonna Saunderson , said in an emailed statement to Global News the missing persons case remains active and the North District Major Crime unit is investigating .
“ It ’ s my parents , they were my main supports in my life and now I just don ’ t know where to go really ,” Vornicu said .
Court records show Mihai Vornicu has had trouble with police in the past , according to Global News .
Global News reported that in 2012 he was convicted of forging credit cards , possessing stolen credit cards and fraud .
He was charged with assaulting a peace officer but pleaded guilty to the lesser offence of resisting arrest one year later .
Paul Vornicu said in the Global News report that he
WWW . PHILIPPINEASIANNEWSTODAY . COM
was kept in the dark about his father ’ s past .
“ The worst part about my parents missing is not knowing where they went . People keep telling me ‘ oh maybe they are going to come back , maybe they just left you ,’ and my mom would never do that to me , I know she wouldn ’ t ,” he said .
A Postmedia report on January 31 , 2017 stated that Olarte ’ s husband Mihai Vornicu was allegedly involved in organized crime and drug trafficking .
Postmedia learned that in the months before Vornicu disappeared , a Toronto Police
Service disciplinary tribunal heard about his alleged connections to marijuana trafficking and a drug-related kidnapping .
In 2005 , an acquaintance of Toronto Police Constable Ioan-Florin Floria allegedly reported to the officer that he had been kidnapped and tortured . The Toronto police say there is a publication ban on the identity of the purported kidnap victim , who tended marijuana plants for Vornicu .
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