Home Owner Mortgage and Equity Partnership Program

                          The Home Owner Mortgage and Equity Partnership program launched in British Colombia this past week and we want you to be informed, click here for applicant information and additional FAQ.

                      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.

                If you would like to know more about this program, specifically how it affects you with your own real estate plans, please feel free to call Larry or Kaye at 250-751-1223 or email [email protected]

McNabb Real Estate Group

“Helping you score your real estate goals”