BC Home Owner Mortgage and Equity Partnership 

Program Overview and Applicant Information

 

  1. 1.    About the Program

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

The BC HOME Partnership Loan contributes to your personal down payment, up to a maximum of five per cent of the purchase price. You need to ensure that the amount of your personal down payment, plus the BC HOME Partnership loan, meet the minimum down payment requirement for an insured first mortgage loan.

Example #1

Home price $480,000
Minimum down payment
required
 $24,000

Your personal down payment $12,000 (2.5%)

BC HOME Partnership loan $12,000 (2.5%)

Total down payment towards your new home $24,000 (5%)

Example #2

Home price $750,000
Minimum down payment
required
 $50,000

Your personal down payment $52,500 (7%)

BC HOME Partnership loan $37,500 (5%)

Total down payment towards your new home $90,000 (12%)

 

The BC HOME partnership loan is for an initial 25-year term, which is interest and payment free for the first five years. The loan will be registered on your property title as a second mortgage.

Am I Eligible?

To qualify for BC HOME Partnership loan, anyone who appears on the title of the home must meet the following criteria:

Other criteria are:

The home being purchased must be used as the principal residence of all individuals on the title for the five years after purchasing.

Before You Apply

 

Supporting documents

During the application process you will need to upload an electronic version of the following documents for each applicant (anyone who will be registered on title).

We accept the following file types: PDF, DOC, DOCX, TIFF, JPG, JPEG, GIF, PNG

1. Proof of status in Canada, provide one of the following:

If you were born outside Canada and don't have the required identification for proof of status in Canada, please contact Citizenship and Immigration Canada at 1-888-242-2100.

2. Secondary identification (must include your photo), provide one of the following:

3. Proof of income

You must provide your Notice of Assessments from Canada Revenue Agency (CRA).

If you are not able find your Notice of Assessment(s) you can submit a Proof of Income Statement (Option C print) from CRA. This can be obtained by logging into your CRA My Account and printing your assessment; or calling CRA at 1-800-959-8281 or 1-800-959-2221 to request an Option C print.

4. Mortgage pre-approval

You will need to provide confirmation that you have received pre-approval for a high-ratio mortgage from a National Housing Act approved lender.

Please note, that if eligible for the program, once you have entered into a Contract of Purchase and Sale for a home, you will need to work with your lender to obtain a high-ratio mortgage that is approved and insured by a mortgage default insurer, such as Canada Mortgage and Housing Corporation (CMHC).  Speak with your lender for details about mortgage insurance and costs.

 

  1. 3.    How To Apply

Apply online using the link below. Applications will be processed within 5 business days.

If you are already searching for a home, note the following:

When negotiating a closing date, you must allow time for BC Housing to process your application and to satisfy any conditions of purchase (i.e.: financing, home inspections, etc.).

  1. 4.     If You Qualify

If your application is accepted, you will receive confirmation of pre-approval and a Homebuyer’s Package, which will include detailed information on the steps you need to take in order to receive the BC HOME Partnership loan.

The Homebuyer’s Package also includes information packages for your real estate licensee, lender and lawyer/notary public. This will assist these professionals with understanding BC HOME Partnership requirements.

You will then work with your real estate licensee to find a home and make an offer.

Once you have an accepted offer, you will need to provide BC Housing with a copy of the Contract of Purchase and Sale (CPS) and details on the home you are purchasing.

BC Housing will then provide you with a loan commitment letter to take to your primary lender to finalize financing. The BC HOME Partnership loan approval is a conditional approval only until the final first mortgage insurance underwriting review is conducted and approved.

Remember to refer to the Homebuyer's Package and check back into your MyBCHousing account often to complete all steps in the process.

How does the repayment work?

While the first five years is interest and payment free, you may make additional payments or repay the loan in full at any time with no penalty.

At the beginning of the sixth year, interest will start accruing and you will begin making principal and interest payments, amortized over the remaining 20 years.

 

The BC HOME Partnership loan is due and payable in full upon any of the following:

  1. Default on the first mortgage or the BC HOME Partnership loan.
  2. Transfer of the home or change of ownership (including addition of a person to title).
  3. The home is no longer your principal residence in the first five years.

 
thumb BC Housing Program Overview & Applicant Info.