News Release from the BC Housing Website:
B.C. Home Owner Mortgage and Equity Partnership program details
Am I eligible for a partnership loan?
The program supports eligible first-time homebuyers who are approved for an insured high ratio first mortgage. To qualify for the program, all individuals on title must:
- Have been a Canadian citizen or permanent resident for at least five years.
- Have resided in British Columbia for at least one year immediately preceding the date of application.
- Be a first-time buyer who has not owned an interest in a residence anywhere in the world at any time.
- Use the property as their principal residence for the first five years.
- Purchase a home that has a purchase price of $750,000 or less (excluding taxes and fees).
- Obtain a high-ratio insured first mortgage on the property for at least 80% of the purchase price.
- Have a combined, gross household income of all individuals on title not exceeding $150,000.
- Have saved a down payment amount at least equal to the loan amount for which the buyer applied.
What do I do and how do I apply?
Step 1: Get preapproval for an insured first mortgage from your financial lending institution.
Step 2: Apply to BC Housing for the B.C. Home Owner Mortgage and Equity Partnership program loan. If you are eligible, you will receive confirmation of eligibility and Homebuyer’s Kit, which includes information for your lender, real estate licensee, and lawyer/notary public.
Step 3: Find your home and provide the details of your planned purchase to BC Housing for approval.
What information will I need to apply?
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.
More information about these requirements: https://homeownerservices.bchousing.org/
As of Jan. 16, 2017, British Columbians looking to purchase their first home can apply to the B.C. Home Owner Mortgage and Equity Partnership program, which helps first-time homebuyers create secure and stable futures for their families through home ownership.
The B.C. HOME Partnership is designed to help first-time homebuyers who can afford the costs of home ownership, but are experiencing challenges with the initial step in entering the market – that is, getting together a down payment.
The goal of the program is to help more British Columbians establish a nest egg and ensure the dream of home ownership remains in reach for families. The program contributes to the amount first-time buyers have already saved for their down payment, providing up to $37,500, or up to 5% of the purchase price, with a 25-year loan that is interest-free and payment-free for the first five years.
As reported by the BC Northern Real Estate Board in their December 2016 statistics, in Quesnel, the average purchase price for a residential detached house is approximately $209,312. If a first-time buyer saves $5,233 towards their down payment, or 2.5% of the home’s purchase price, the Province will contribute $5,233, equal to the buyer’s 2.5% down payment. This brings the total down payment to $10,466 or 5% of the home’s purchase price, as required by Canada Mortgage and Housing Corporation.
Under the B.C. HOME Partnership program, homebuyers must first qualify for an insured high-ratio mortgage, to ensure they can afford payments both today and in the future.
Cariboo-North MLA Coralee Oakes –
“Many of the hardworking people of Quesnel and around the region have invested their time and talent into building the city that we know and love. The B.C. HOME partnership program will not only help first-time homebuyers across the province, but will also help families to settle into communities like ours.”
To learn more about the B.C. Home Owner Mortgage and Equity Partnership program and how to apply, please visit: https://www.bchousing.org/housing-assistance/bc-home-partnership/program-overview-applicant-information
B.C. Home Owner Mortgage and Equity Partnership program, BC Housing:
Phone: 604 439-4727
Toll Free Number: 1 844 365-4727
To learn more about the Province’s actions on housing affordability, visit: http://housingaction.gov.bc.ca/