Coming up with a down payment is often a challenge for first-time homebuyers.

For many young people early in their careers, it’s tough to set aside the required front money. There are student loans to settle, and the high cost of living makes it hard to save.

For a house with a purchase price of $500,000 or less, the minimum deposit is five percent, or up to $25,000.

It gets stiffer for more expensive homes. It’s five percent for the first $500,000 and 10 percent on the remaining balance for homes that are less than $1 million. For houses that cost $1 million or more, it’s 20 percent.

Margo Simoni started working as a psychiatric nurse with Vancouver Coastal Health more than a year ago, after graduation, and she thought at one point that she could not afford a house.

“I was like, ‘I’m going to get married and find somebody to split half of everything with me, because I’m not going to be able to do this on my own,’ ” Simoni related with amusement during a phone interview with the Georgia Straight.

The 26-year-old later learned about a new provincial program that contributes to the down payment of first-time home purchasers. She applied and got approved.

On March 15 this year, she completed the purchase of a Surrey condo, the same apartment that she had been renting.

It’s a great personal boost for Simoni, who said, “I had, you know, a lot of ups and downs. I’ve gone through some things over the last few months and then this came up for me, and I just feel like, the word I want to use is invincible. Like, once you have something that is truly yours and that you worked really hard [for], for me it just feels like nobody can touch you and nothing can be taken away from you.”

Simoni is among those who have been helped by the B.C. Home Owner Mortgage and Equity Partnership program.

The program provides new homebuyers with a maximum loan of $37,500, or up to five percent of the purchase price of a home listed at $750,000 or less. It’s interest-free and payable within 25 years. Borrowers don’t have to make a payment for the first five years.

Since the applications opened on January 16, more than 1,000 people across the province have made submissions.

According to a B.C. Housing media release, a total of 831 applications had been approved as of March 25.

Simoni used to pay $1,100 in monthly rent for her two-bedroom and two-bath condo. She will be shelling out the same amount for the mortgage packaged by broker Camilo Rodriguez.

“When you work with a mortgage broker,” she said about the service provided by Rodriguez, “he gives you the numbers—like, he tells you what you are able to afford and what you could work with—so that you are still living within your means.”

Simoni’s mother, Mirela Pilas, who is a realtor, was her agent in the purchase. She was the one who encouraged the young nurse to look into the province’s home-partnership program.

Simoni said: “My mom has always been a big believer of me, like, she’s always been my number one support system, as well as my father.”

She has been staying at the same place for more than two years, and everything has worked out well for her. She works part-time at a nearby yoga studio, goes to a local gym, and likes to hang out with friends at a neighbourhood sports bar.

According to Simoni, she likes the challenge of keeping up with mortgage payments.

“It’s just going to build my character,” she said. “It’s going to give me the ability to move forward, and obviously, there’s going to be things in the future that I am going to want to do, and who knows? I might even sell the place and buy a bigger place. It’s just a great door opener for a lot of other opportunities in the future.”