VICTORIA, B.C. – The B.C. Home Owner Mortgage and Equity Partnership program, designed to help first time home buyers, will start taking applications in two weeks.
The Province will contribute the same amount first-time homebuyers have saved for their down
payment, providing up to $37,500, or up to 5% of the purchase price, with a 25-year loan that is interest-free and payment-free for the first five years.
Applications will open January 16. The Province released the following list that first-time homebuyers need before applying to the program:
* Get pre-approval for an insured first mortgage from a financial lending institution.
* Apply to BC Housing for the B.C. HOME Partnership program loan. If eligible, the buyer will receive confirmation of eligibility and homebuyer’s kit, with information for the lender, real estate licensee,
and lawyer/notary public.
* Obtain an accepted offer on a home priced under $750,000 and provide details of the planned purchase to BC Housing for approval.
In order to submit an online application, homebuyers will need to have proof of status in Canada and residency in British Columbia, secondary identification (must include photo), proof of income and tax filings and insured first mortgage pre-approval.
Applications will be accepted starting Jan. 16, for purchases that will close on or after Feb. 15.
For more information about the program, go to homeownerservices.bchousing.org