B.C. Home Owner Mortgage and Equity Partnership
From middle-class families to young professionals, first-time home buyers are looking to invest in a secure and stable future.
For many British Columbians dreaming of buying their first home, the hardest step is saving for a downpayment. That is why the Province is partnering with British Columbians to help make that dream come true, through the B.C. Home Owner Mortgage and Equity (HOME) Partnership program.
Through the B.C. HOME Partnership program, the Province is helping first-time home buyers by contributing to the amount they have already saved for a down payment with a loan that is interest-free and payment-free for the first five years.
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.
For more information on this program and how B.C. is working to keep housing affordable for you at http://housingaction.gov.bc.ca/
The B.C. HOME Partnership program will start accepting applications Jan. 16, 2017. To apply visit BC Housing.