BC Home Partnership Program – First Time Home Buyer Loan for Down Payment
On December 15, 2016, the B.C. Government introduced the Homeowner Mortgage and Equity (HOME) Partnership Program to assist eligible first-time homebuyers entering the housing market. The HOME Partnership Program contributes to the amount first-time homebuyers have already saved for their down payment. To be eligible, buyers must be pre-approved for an insured high-ratio mortgage with an LTV greater than 80%, and a purchase price of up to $750,000.
B.C Housing will begin accepting applications on January 16, 2017 for purchases that close on or after February 15, 2017.
This is a three-year program and loans will be:
- Advanced from February 15, 2017 to March 31, 2020
- Secured by 2nd position collateral charges administered by BC Housing in conjunction with first mortgage funding
- Matching borrowers’ savings between 2.5% and 5% of the purchase price up to $37,500
- Interest-free and payment-free for the first five years
- After the first five years, borrowers will repay the loan over 20 years or as quickly as desired
- Be a first-time homebuyer
- Be a Canadian citizen or permanent resident for at least five years
- Have resided in BC for at least one year
- Have a combined gross income of $150,000 or less
- Have saved at least half of the minimum down payment they will require
- Be pre-approved for a 1st mortgage before applying