BC Home Owner Mortgage & Equity Partnership
“BC HOME Partnership”
The purpose of this new program, launched January 16, 2017, is to assist First Time Home Buyers meet their obligation for a minimum 5% down payment. This will help enable Buyers enter the market faster; putting your money to work gaining equity rather than losing money to rent every month.
Below you will find a short outline of the BC HOME Partnership loan; we navigate you through more detailed information and the application process, in our instructional video, here.
Contact us today, to answer your questions regarding the BC HOME program or your journey to owning a home.
EligibilityEligibility requirements are applicable to all persons on title; to be eligible you must be:
- First Time Home Buyer with a partial down payment saved with a (combined) gross income of less than $150,000
- Pre-approved for a high-ratio mortgage
- Canadian Citizen or Permanent Resident for 5 Years
- B.C. Resident for the last 12 months
The Property must be:
- Your principle residence for at least the first 5 years
- Less than $750,000
The LoanApproval is conditional upon having the first mortgage fully reviewed and approved
- Your savings will be matched up to 5% of the purchase price (max. $37,500)
- 25 year loan registered as a second mortgage on your title, will have no interest no payments for the first 5 years; with interest and payments beginning at the beginning of the 6th year (the owing amount will be amortized over the remaining 20 years of the term)Initial interest fee will be included in your pre-approval package
- Interest will reset on the 10, 15 & 20 year anniversaries with the current Royal Bank of Canada Prime Rate + 0.5%
- Can be repaid in part or full at any time, without penalty
- Will be DUE & PAYABLE in the event of:
- Default on either 1st or 2nd mortgage
- Transfer of title / change of ownership (including adding someone to title)
- No longer your principle residence in the first 5 years
Gather these for EACH applicant; these are required TO APPLY. Only complete applications with ALL supporting documents will be considered!
- PROOF OF STATUS: birth certificate, permanent resident card, Canadian citizen certificate
- PROOF OF INCOME: Notice of assessment, proof of income statement
- COPY OF PRE-APPROVAL FOR HIGH RATIO INSURED MORTGAGE
Watch our video b for below step to step application guide. Once you are pre-approved for the BC HOME Partnership loan, we can start looking for your FIRST HOME!
There are a lot more steps once you get started; be sure to contact us, so you have a team of experts guiding you on your exciting journey to home ownership!
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