BC government to offer down payment loans for first-time buyers
The BC Home Owner Mortgage and Equity Partnership (BC HOME Partnership) assists residents of British Columbia who are eligible first-time home buyers by providing repayable down payment assistance loans.
The BC HOME Partnership Loan contributes to your personal down payment, up to a maximum of 5% of the purchase price. You need to ensure your personal down payment amount, plus the BC HOME Partnership loan, meet the minimum down payment requirement for an insured first mortgage loan.
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 that has resided in British Columbia for at least five years.
• Have lived in British Columbia for at least the full 12 months preceding your application.
• Be a first-time home buyer who has not owned an interest in a principal residence anywhere in the world at any time and has never received a first-time home buyers’ exemption or refund.
• 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 five years after purchasing.
• Purchase a home that is $750,000 or less.
• Be eligible for a high-ratio insured first mortgage for the home
How to apply?
• Get pre-approved for a mortgage from an approved lender.
• Apply and receive confirmation of eligibility for the BC HOME Partnership program. Applications for the program will be accepted starting January 16, 2017. If you are already searching for a home, your application will only be considered if the closing date on the purchase of the home is on, or after, February 15, 2017. BC Housing will evaluate your application and determine your eligibility. You will be notified by email once your application has been processed.
• Contact Diana Klejne to find your home and make an offer subject to financing.
• Take your BC HOME loan commitment to your financial Institution.
• Get final approval for an insured mortgage from your lender.
• Purchase your new home and move in.