BC Home Partnership program

January 20, 2017 | Posted by: Alex Vinarski

BC Home Owner Mortgage and Equity Partnership (BC HOME Partnership) assists residents of British Columbia who are eligible first-time homebuyers by providing repayable down payment assistance loans.

Quick overview. BC government will match down payment for first time homebuyers. This loan is interest and payment free for first 5 years, after this rate will be Prime+0.5%, and amortization 20 years.

Who can qualify for a BC Home Partnership loan:

All individuals who will hold both registered and beneficial interests in the home must meet all of the following eligibility requirements:

  • Be a Canadian citizen or permanent resident that has resided in Canada for at least five years
  • Have resided in British Columbia for the last 12 months
  • Be a first-time homebuyer who has not owned an interest in a principal residence anywhere in the world at any time and has never received a first-time homebuyers' exemption or refund
  • Purchase a home that is $750,000 or less
  • Be eligible for a high-ratio insured first mortgage for the home

Other eligibility requirements are:

  • The combined, gross household income of all individuals on title must not exceed $150,000.
  • The home being purchased must be used as the principal residence of all individuals on title for the first five years after purchasing

Home buyers can get more information and apply on-line at:

https://www.bchousing.org/housing-assistance/bc-home-partnership

It’s a good idea to talk to Mortgage Broker, and get mortgage pre-approval before applying for this grant. In my opinion main benefit of this program is to reduce mortgage insurance premium (which be increasing again on March 17). This program also helps buyers who have only 2.5% saving for down payment. With matching 2.5% from the program, clients will have minimum required 5% down payment. 

Please contact me if you have more questions about this program.

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