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The BC Home Partnership program was designed to help first-time homebuyers by providing a repayable loan that will form part of the down payment. Applications for this program will be considered starting January 16, 2017, and can fund no earlier than February 15, 2017. Mortgages must fund before March 2020, at which point the program will be terminated.
Are You Eligible?
You must be a Canadian Citizen or a permanent resident for at least five years and have lived in BC for at least one year
You are considered a first-time home buyer
You intend to purchase a home for a maximum price of $750,000
You have at least 50% of the down payment required
Your total household income doesn’t exceed $150,000
The home purchase will be your principal residence (not a rental)
Apply with your pre-approved letter for the BC Home Partnership program (5-day turnaround)
Find a home and make an offer, subject to financing
Provide the BC Home loan commitment to your broker/lender (1-day turnaround)
Get a final approval for an insured mortgage from your broker/lender
Move into your home and fund your mortgage (Requires minimum 14 calendar days)
Other Things You Need To Know About The BC Home Partnership
Max loan contribution from the BC government is $37,500
Your deal has to be CMHC insured
The first 5 years is both interest and payment free
For years 6-10, the interest rate will be set at the time of purchase and will be equal to the Prime Rate + 0.5% amortized over 20 years (today that equals 3.2%) – the interest rate will be reset at the Prime Rate plus 0.5% at each of the 10th, 15th and 20th anniversary dates
If you move out of the property during the first 5 years, the loan becomes immediately repayable
The loan will be registered as a 2nd mortgage
Everyone on title must be eligible for the BC Home Partnership program
If you have any further questions, feel free to contact us directly.