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.
Home price $480,000
Minimum down payment
Home price $750,000
Minimum down payment
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.
- 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
How does the repayment work?
- 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.