Down Payment Assistance from BC Government for First Time Home Buyers
(BC Home Owner Mortgage and Equity Partnership Program)

The Canadian Mortgage Brokers Association – British Columbia (CMBA-BC) is pleased to endorse the introduction of a new down payment assistance program from the BC government called the “BC Home Owner Mortgage and Equity Partnership Program”.

It will enable first time home buyers to obtain down payment funds from the BC government to assist with the purchase of their first home. Specifically, under this program, the BC government will match the down payment funds of eligible first time buyers up to $37,500 with a 25-year term second mortgage. No payments are required to be made and interest will not accrue until the sixth year of the term.

Under the BC Home Partnership Program, first time home buyers will be able to obtain matching repayable loans for up to 5% of the purchase price, up to maximum of $37,500, which will be registered as a second mortgage for a term of up to 25 years. There are no payments of interest or principal owing under the second mortgage for the first 5 years. Monthly principal and interest payments begin in year six, amortized over the remaining 20 years.

Applications will be accepted as of January 16, 2017, with loans advanced from February 15 to March 31, 2020. To qualify under the BC Home Partnership Program, all applicants who will be registered on title must:

• Reside in the home
• Be a first-time homebuyer
• Be a Canadian citizen or permanent resident for 5 years
• Have resided in BC for at least one year
• Have a combined gross income of Not more than $150,000 per year
• Have saved at least half of the minimum down payment they will require, and
• Be pre-approved for a 1st mortgage before applying.

Contact us or click the link below for more information

first-time-home-buyer-assistance-program-december-15-2016