LCM Homes
winfield home systems

HOME Partnership for First-Time Home Buyers

January 16, 2017

Entering the housing market can seem a bit daunting for first-time home buyers, but with the help of the provincial government, this dream is now more attainable. The Government of British Columbia, under the leadership of Christy Clark, recently announced the implementation of the Home Owner Mortgage and Equity (HOME) Partnership. This program provides down payment assistance for first-time home buyers.

How does it work?

  • The HOME partnership will match a buyer’s down payment contribution up to 5% of the home’s purchase price (maximum of $750,000).
  • The loan is interest and payment free for five years. At the five year mark, the buyer can either repay the loan in full or enter into a monthly payment plan with current interest rates.
  • Loans through the HOME partnership are due after 25 years, similar to a mortgage.

Who is eligible?
In order to qualify for a loan through the HOME Partnership, all individuals on title must meet the following criteria:

  • Canadian citizen or permanent resident for the past five years
  • Resident of British Columbia for at least 12 full months prior to application
  • First-time homebuyer who has not owned/co-owned a residence and not received a first-time home buyers’ refund or exemption
  • Planning to purchase a home $750,000 or less
  • Must be eligible for a high-ratio insured first mortgage
  • Combined household income of individuals on title cannot exceed $150,000
  • The home that is purchased must be used as a primary residence for all individuals on title for five years after initial purchase

How do you apply?

Photo Credit: Government of BC

Applications will be accepted effective January 16th, 2017. For additional information, visit the BC Housing website here.


October 11, 2017
Rent vs. Own: Know Your Options

Recently, the BC Residential Tenancy Branch announced 2018 will bring the maximum allowable re...

August 16, 2017
New Show Homes Coming Soon

With new show homes on order, get into a home sooner and start living the Okanagan dream! Belo...

July 4, 2017
The Ins and Outs of Park Model Homes

With so much buzz around micro and tiny homes, it’s expected to see the popularity of pa...

June 8, 2017
Tips for Preparing for a Flood

With rapid snow melt and excess rainfall, the Okanagan has been subject to rising water levels...

View all releases »