As of January 2017, BC Home Owner Mortgage and Equity (HOME) Partnership program helps eligible BC residents purchase a home.
The program offers first-time home buyers who have saved a down payment:
- A down payment loan of up to 5% of a home’s purchase price to a maximum of $37,500, on a home with a maximum price of $750,000.
- This loan matches the buyer’s down payment and is interest-free and payment-free for five years.
- After five years, buyers can either repay their loan or enter into monthly payments at interest rates that are current five years from the date of the loan.
- Loans through the program are due after 25 years – the same length as most mortgages.
To qualify for the program, home buyers with a registered interest on title must reside in the home and be a:
- Canadian citizen or permanent resident for at least five years;
- resident of BC for at least one year immediately preceding the date of application;
- and first-time buyer who has not owned an interest in a residence anywhere in the world at any time.
The home buyer must:
- use the property as their principal residence for the first five years;
- obtain a high-ratio insured first mortgage on the property for at least 80% of the purchase price; and
- have a combined, gross household income of all individuals on title not exceeding $150,000.
Buyers can begin gathering the documents they’ll need to submit an online application. Buyers will need:
- Proof of status in Canada and residency in British Columbia.
- Secondary identification (must include your photo).
- Proof of income and tax filings.
- Insured first mortgage pre-approval