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.

Program Details:

This is a three-year program and loans will be:

• Advanced from February 15, 2017 to March 31, 2020
• Secured by 2^nd 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

Eligibility Requirements: 

Applicants must:

• 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 1^st mortgage before applying