August 1, 2017
The B.C. HOME Partnership program, is aimed at helping first-time buyers get a down payment faster to get into the housing market, the three-year program matches the amount homebuyers have already saved for their down payment, providing up to $37,500, or five per cent of the purchase price, with a 25-year loan that is interest- and payment-free for the first five years.
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.
Here are few more facts and figures about HOME.
• Buyers’ household gross income must not exceed $150,000 annually, and the home purchasing price must be less than $750,000. After five years, the interest rate is prime plus 0.5 per cent.
• Buyers must be Canadian citizens or permanent residents for the last five years, and have not owned a stake in a principal residence anywhere in the world.
• The province has received 824 applications since the program opened on Jan. 16, with 166 of them now with purchase contracts, and an estimated $2.7 million in loans pending, half of those in Metro Vancouver.
For more answers to frequently asked questions to help you understand and apply for the BC HOME Partnership program go to: