If you need assistance, please call 604-593-5055

B.C. Home Owner Mortgage and Equity partnership

Thursday, February 2, 2017   /   by Sonny Bhinder

B.C. Home Owner Mortgage and Equity partnership

What is the Home Owner Mortgage and Equity (HOME) Partnership?

For many British
Columbians the hardest step is saving for a down payment towards their first home. That is why the Province is partnering up with British Columbians to make their dreams come true. through the B.C. Home Owner Mortgage and Equity (HOME) Partnership Program. 

Here is how it works:

  • The B.C. HOME Partnership program will meet the buyer’s contribution up to 5% of the home’s purchase price, to a maximum purchase price of $750,000.
  • After five years, buyers can either repay their loan or enter into monthly payments at current interest rates.
  • Loans through the program become due after 25 years – the same length as most mortgages.

Eligibility

The B.C. Home Owner Mortgage and Equity (HOME) Partnership supports eligible first-time homebuyers. To qualify for the program, all individuals with a registered interest on title must reside in the home and:

  •   Have been a Canadian citizen or permanent resident for at least five years
  •   Have resided in British Columbia for at least one year immediately preceeding 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

How to apply

Step 1: Get preapproval for an insured first mortgage from your financial lending institution.
Step 2: Apply to BC Housing for the Home Owner Mortgage and Equity (HOME) partnership loan. If you are eligible, you will receive confirmation of eligibility and Homebuyer’s Kit which includes information for your Lender, Real Estate Agent, and Lawyer/Notary Public.
Step 3: Find your home and provide the details of your planned purchase to BC Housing for approval.

Applications for the program will be accepted starting Jan. 16, 2017, for purchases that will close on or after Feb. 15, 
2017.

What information is needed to apply?

Buyers can begin gathering the documents they’ll need to submit an online application. Buyers will need:

  1. Proof of status in Canada and residency in British Columbia
  2. Secondary identification (must include your photo)
  3. Proof of income and tax filings
  4. Insured first mortgage pre-approval

 

Sonny Bhinder Real Estate Team.
Century 21 Coastal Realty Ltd.
7928 128 Street
Surrey, BC V3W 4E9
604-593-5055

Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®.
MIMLS

The data relating to real estate on this website comes in part from the mls reciprocity program of the Real Estate Board of Greater Vancouver. Real estate listings held by participating real estate firms are marked with the mls reciprocity logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by the Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of the Real Estate Board of Greater Vancouver.

This site powered by CINC: www.cincpro.com