HOME Partnership for First-Time Home Buyers

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 16^th, 2017. For additional information, visit the BC Housing website here.