Jila Rezai
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  • First-time buyer’s interest-free down-payment program

    2017-01-11 11:47:15 Posted By Jila Rezai



    The new BC Home Owner Mortgage and Equity (HOME) Partnership program will begin accepting applications on January 16, 2016.

    For a first-time homebuyer who has saved a down payment:

    • The program offers a down-payment loan of up to 5% of a home’s purchase price, up to $37,500, on a home with a maximum price of $750,000.
    • The loan matches a buyer’s down payment and is interest-free and payment-free for five years.
    • After five years, the buyer can either repay the loan or make monthly payments at current interest rates.
    • Like most mortgages, the loan is due after 25 years.

    To qualify for the program, a homebuyer, with a registered interest on title, must reside in the home and be:

    • a Canadian citizen or permanent resident for at least five years;
    • a resident of BC for at least one year immediately preceding the date of application; and
    • a first-time buyer who has never owned an interest in a residence anywhere in the world.

    The home buyer must also:

    • use the property as his or her principal residence for the first five years;
    • obtain a high-ratio insured first mortgage on the property for at least 80% of the purchase price; and
    • have a combined, gross household income of all individuals on title not exceeding $150,000.

    To submit an online application once the program begins, a buyer will need the following four documents:

    1. proof of status in Canada and residency in BC;
    2. secondary identification (must include a buyer’s photo);
    3. proof of income and tax filings; and
    4. insured first mortgage pre-approval.