Two weeks from today, first-time homebuyers can begin to take advantage of the new B.C. Home Owner Mortgage and Equity Partnership program.
Applications for the program, which helps homebuyers with their first down payment, open on Jan. 16, 2017.
Before applying online, first-time homebuyers need to:
- Get pre-approval for an insured first mortgage from a financial lending institution.
- Apply to BC Housing for the B.C. HOME Partnership program loan. If eligible, the buyer will receive confirmation of eligibility and homebuyer’s kit, with information for the lender, real estate licensee, and lawyer/notary public.
- Obtain an accepted offer on a home priced under $750,000 and provide details of the planned purchase to BC Housing for approval.
In order to submit an online application, homebuyers will need to have proof of status in Canada and residency in British Columbia, secondary identification (must include photo), proof of income and tax filings and insured first mortgage pre-approval.
Applications will be accepted starting Jan. 16, for purchases that will close on or after Feb. 15.
Through the B.C. HOME Partnership program, the Province will contribute the same amount first-time homebuyers have saved for their down payment, providing up to $37,500, or up to 5% of the purchase price, with a 25-year loan that is interest-free and payment-free for the first five years. Through the program, the Province is investing about $703 million over the next three years to help an estimated 42,000 B.C. households enter the market for the first time.