The BC Home Owner Mortgage and Equity Partnership (BC HOME Partnership) assists British Columbia residents who are eligible first-time homebuyers by providing repayable down payment assistance loans.
The BC HOME Partnership Loan contributes to your personal down payment, up to a maximum of five per cent of the purchase price. You need to ensure that the amount of your personal down payment, plus the BC HOME Partnership loan, meet the minimum down payment requirement for an insured first mortgage loan.
Example #1
Home price $480,000
Minimum down payment
required $24,000
Your personal down payment $12,000 (2.5%)
BC HOME Partnership loan $12,000 (2.5%)
Total down payment towards your new home $24,000 (5%)
Example #2
Home price $600,000
Minimum down payment
required $35,000
Your personal down payment $30,000 (5%)
BC HOME Partnership loan $30,000 (5%)
Total down payment towards your new home $60,000 (10%)
Example #3
Home price $750,000
Minimum down payment
required $50,000
Your personal down payment $52,500 (7%)
BC HOME Partnership loan $37,500 (5%)
Total down payment towards your new home $90,000 (12%)
The BC HOME partnership loan is for an initial 25-year term, which is interest and payment free for the first five years. The loan will be registered on your property title as a second mortgage.
This online calculator can help you determine if you meet BC HOME Partnership eligibility criteria.
To qualify for BC HOME Partnership loan, anyone who appears on the title of the home must meet the following criteria:
- Be a Canadian citizen or permanent resident for the last five years
- Have lived in British Columbia for at least the full 12 months preceding your application
- Be a first-time homebuyer who has not owned an interest in a principal residence anywhere in the world at any time and has never received a first-time homebuyers' exemption or refund
- Purchase a home that is $750,000 or less.
- Be eligible for a high-ratio insured first mortgage for the home
Other criteria are:
- The combined, gross household income of all individuals on the title must not exceed $150,000.
- The home being purchased must be used as the principal residence of all individuals on the title for the five years after purchasing.
Before you apply
- You must have a partial down payment saved.
- You must be pre-approved for a high-ratio first mortgage from a National Housing Act approved lender.
Supporting documents
During the application process you will need to upload an electronic version of the following documents for each applicant (anyone who will be registered on title).
We accept the following file types: PDF, DOC, DOCX, TIFF, JPG, JPEG, GIF, PNG.
1. Proof of status in Canada, provide one of the following:
If you were born outside Canada and don't have the required identification for proof of status in Canada, please contact Citizenship and Immigration Canada at 1-888-242-2100.
2. Secondary identification (must include your photo), provide one of the following:
- B.C. driver’s licence
- B.C. Identification Card (BCID)
- Passport
- Secure certificate of Indian Status
- Other identification. Must include both your photo and signature and will be considered on a case by case basis.
3. Proof of income
You must provide your Notice of Assessments from Canada Revenue Agency (CRA).
If you are not able find your Notice of Assessment(s) you can submit a Proof of Income Statement (Option C print) from CRA. This can be obtained by logging into your CRA My Account and printing your assessment; or calling CRA at 1-800-959-8281 or 1-800-959-2221 to request an Option C print.
4. Mortgage pre-approval
You will need to provide confirmation that you have received pre-approval for a high-ratio mortgage from a National Housing Act approved lender.
Please note, that if eligible for the program, once you have entered into a Contract of Purchase and Sale for a home, you will need to work with your lender to obtain a high-ratio mortgage that is approved and insured by a mortgage default insurer, such as Canada Mortgage and Housing Corporation (CMHC). Speak with your lender for details about mortgage insurance and costs.
How Apply
Applications for the program will be accepted starting January 16, 2017. If you are already searching for a home, your application will only be considered if the closing date on the purchase of the home is on, or after, February 15, 2017.
Only fully completed applications with all supporting documents will be considered.
BC Housing will evaluate your application and determine your eligibility. You will be notified by email once your application has been processed.
If you qualify
If your application is accepted, you will receive confirmation of pre-approval and a Homebuyer’s Package, which will include detailed information on the steps you need to take in order to receive the BC HOME Partnership loan.
The Homebuyer’s Package also includes information packages for your real estate licensee, lender and lawyer/notary public. This will assist these professionals with understanding BC HOME Partnership requirements.
You will then work with your real estate licensee to find a home and make an offer.
Once you have an accepted offer, you will need to provide BC Housing with a copy of the Contract of Purchase and Sale (CPS) and details on the home you are purchasing.
BC Housing will then provide you with a loan commitment letter to take to your primary lender to finalize financing. The BC HOME Partnership loan approval is a conditional approval only until the final first mortgage insurance underwriting review is conducted and approved.
Remember to refer to the Homebuyer's Package and check back into your MyBCHousing account often to complete all steps in the process.
How does the repayment work?
While the first five years is interest and payment free, you may make additional payments or repay the loan in full at any time with no penalty.
At the beginning of the sixth year, interest will start accruing and you will begin making principal and interest payments, amortized over the remaining 20 years.
The BC HOME Partnership loan is due and payable in full upon any of the following:
- Default on the first mortgage or the BC HOME Partnership loan.
- Transfer of the home or change of ownership (including addition of a person to title).
- The home is no longer your principal residence in the first five years.
