It's an important question because it's not just Quadra Homes engaging in this practice.
One of the contributors to our comments section (hat tip Ray) passes on a similar tactic being used by Aragon Properties at their FLO and DUO developments in New Westminster.
Prospective clients recently received this email blast:
The email clearly promotes a "Zero Down Payment Program" and says:
- 95% insured mortgage financingIt certainly looks like Aragon Properties is leveraging the BC first time home buyer grant like Quadra was... with one significant difference.
- 5% down payment loan with flexible terms
- Offer effective until March 31, 2013
Instead of suggesting you find a generous uncle to spot you the $10,000 down payment until the grant arrives (at which time you pay him back), Aragon says they are offering to loan you the money you need for the down payment themselves.
Perhaps instead of pursuing the unauthorized use of provincial logos to help sell condos, the government should be looking at what appears to be widespread illegal use of the first time home buyer grant to circumvent CMHC mortgage insurance regulations?
Just a thought.
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