Are you a first-time home buyer?
Introducing the BC Home Owner Mortgage and Equity Partnership (BC HOME Partnership)
What is this program?
Saving for your first home can be challenging, which is why the government of British Columbia has introduced a program designed to help you. It's aimed at eligible first-time homebuyers buying residences in the province of BC and will provide repayable down payment assistance loans between February 15, 2017 and March 31, 2020. Applications will start to be accepted by BC Housing January 16, 2017.
How Does it work?
The BC HOME Partnership loan will match your down payment amount for up to 5% of the purchase price of your home. Your down payment plus the down payment loan combined must be less than 20% of the purchase price. For the first five years, the 25-year loan is interest-free and payment-free. Afterwards, you will need to make principal and interest payments, amortized over the remaining 20 years.
Eligibility Requirements Include:
- You are a first-time homebuyer.
- You have been a Canadian citizen or a permanent resident for at least five years and have lived in BC for the last 12 months.
- You plan to purchase a home for $750,000 or less.
- Your down payment must be equal to or greater than the amount provided by the province.
- Your total household income is $150,000 or less.
- Your new home will be your principal residence.
Other terms and conditions of the BC HOME Partnership loan program apply. For additional information about the program, visit BC Housing at www.bchousing.org/housing-assistance/bc-home-partnership.
Rachelle Connor, Mortgage Specialist | RBC