Find a shelter space »

Program Overview and Applicant Information

BC Home Owner Mortgage and Equity Partnership (BC HOME Partnership) assists residents of British Columbia who are eligible first-time homebuyers by providing repayable down payment assistance loans.

Applications are no longer being accepted for the BC HOME Partnership program.

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 $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.

Please note: Applications are no longer being accepted for the BC HOME Partnership program. If you submitted an application before April 1, 2018, please see the information below on managing your account and repaying your loan.

If you submitted an application before April 1, 2018, you can check the status of your file using the manage your account button below.
 
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.
 
When negotiating a closing date, you must allow time for BC Housing to process your application and to satisfy any conditions of purchase (i.e.: financing, home inspections, etc.).
 
  • Once you have entered into a Contract of Purchase and Sale, log in to your MyBCHousing account to provide information about your home. If the home is eligible, you will receive a Loan Approval Letter. The BC HOME Partnership loan approval is a conditional approval only until the final first mortgage insurance underwriting review is conducted and approved. Give this letter to your first mortgage lender/broker.
  • 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.
  • Once all conditions on the Contract of Purchase and Sale have been satisfied or waived, log into your MyBCHousing account and provide the following information at least 14 days prior to closing:
    • Confirmation of closing date, possession date, purchase price, and your down payment
    • The mortgage commitment letter from your first lender
    • Your lawyer/notary public’s contact information
    • If applicable, any amendments made to the Contract of Purchase and Sale
Remember to refer to the Homebuyer's Package and check back into your MyBCHousing account often to complete all steps in the process.
 

Manage your account

 

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:
  1. Default on the first mortgage or the BC HOME Partnership loan.
  2. Transfer of the home or change of ownership (including addition of a person to title).
  3. The home is no longer your principal residence in the first five years.

What if I want to start making payments now?

If you wish to start optional early repayment please complete and submit the Pre-Authorized Debit Agreement form . The form must be received prior to the 15th of the month to be effective the following month.
 
You can make a lump sum payment or set up a monthly recurring pre-authorized debit from your bank account. If you start early repayment, it is your responsibility to ensure that your bank account is in good standing with sufficient funds to cover the authorized PAD on the first (1st) day of each month. If a payment is returned unpaid due to Non-Sufficient Funds (NSF), early repayment will be automatically cancelled without notice. If you wish to continue early repayment, you will need to submit a new form.