In 2017 the BC Liberal government introduced a program to help FIRST TIME BUYERS come up with the downpayment money to buy their first homes. As of March 31st 2018 this program will no longer be considering applicants.
Now, this program is not for everyone for sure but for many qualified clients it can be the difference between buying and not buying, or buying a property in a higher price range which will work out better for the longer term.
About the Program:
The BC Home Owner Mortgage and Equity Partnership (BC HOME Partnership) assists British Columbia residents who are eligible first-time homebuyers by providing repayable down payment assistance loans.
The BC HOME Partnership Loan contributes to your personal down payment, up to a maximum of 5% per cent of the purchase price. You need to ensure that the amount of your personal down payment, plus the BC HOME Partnership loan, meet the minimum down payment requirement for an insured first mortgage loan (less than 20% downpayment).
The BC HOME partnership loan is for an initial 25-year term, which is interest and payment free for the first five years. The loan will be registered on your property title as a second mortgage.
Here are the steps to using this program:
- Get Pre-Approved - Contact US to get started > Click this link for more details about pre-approvals.
- Apply for the BC Home Loan
- Send us the Approval for the BC Home Loan
- Find a Home
- We'll take care of the rest :)
To qualify for BC HOME Partnership loan, anyone who appears on the title of the home must meet the following criteria:
- Be a Canadian citizen or permanent resident for the last five years.
- Have lived in British Columbia for at least the full 12 months preceding your application.
- Be a first-time homebuyer who has not owned an interest in a residential property anywhere in the world at any time and has never received a first-time homebuyers' exemption or refund.
- Purchase an eligible home for $750,000 or less.
- Be eligible for a high-ratio insured first mortgage for the home.
Other criteria are:
- The combined, gross household income of all individuals on the title must not exceed $150,000.
- The home being purchased must be used as the principal residence of all individuals on the title for the five years after purchasing.
- Below-market homes created through an affordable homeownership program or other BC Housing initiative are not eligible.