The BC Home Owner Mortgage and Equity Partnership (BC HOME Partnership) Program is now closed. The information provided here is for households who have an existing loan from the BC HOME Partnership Program.
UPDATE: BC HOME Loan payment deferrals
BC HOME Loan recipients having difficulty meeting loan repayments due to the COVID-19 crisis can contact BC Housing to discuss temporarily deferring payments. Contact our office toll free 1-844-365-4727 or 604-439-4727. If you’re a BC HOME Loan recipient making voluntary early repayment, you can cancel early repayment any time by phone.
Repaying your loan
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:
- 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.
If you need to repay your loan in full, please have your legal counsel fax a payout statement request to our office at fax: 604-439-4729. Once the loan has been repaid in full, BC Housing will discharge the mortgage from the title of the property.
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 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.
Once the loan has been repaid in full, BC Housing will discharge the mortgage from the title of the property.
BC HOME Partnership FAQ
The program assisted residents of British Columbia who were eligible first-time home buyers by providing repayable down payment assistance loans up to a maximum of five per cent of the purchase price.
The loan is for a 25-year term, interest and payment free for the first five years, and is registered on the title to the property as a second mortgage.
For the first five years of the loan, the home must be maintained as the owner’s principal residence.
The program stopped accepting applications on March 31, 2018.
Principal residence is defined as the home that is designated (and is eligible to be designated) as the owner’s principal residence for tax purposes, and where all persons registered on title live permanently (for at least six months per year) in a self-contained unit with access to all living facilities at all times to conduct their daily activities (such as cooking, sleeping and receiving mail) and is the residential address used by the persons registered on title on documentation including but not limited to identification, vehicle registration and income tax returns.
Every year the program will send you an Annual Mortgage Statement and a Principal Residence Declaration. For each individual on the title of the property, the declaration must be signed and sent back to BC Housing along with supporting documentation.
Random audits of the residence may be conducted.
At the beginning of the sixth year, interest will start accruing and the homeowner will begin making regular principal and interest payments, amortized over the remaining 20 years.
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.
The BC HOME Partnership loan is due and payable in full.
The BC HOME Partnership loan is due and payable in full upon sale.
Yes, provided the original loan insurance policy remains on the first mortgage.
Additional owners may be permitted with prior consent, provided the original loan insurance policy remains on the first mortgage and all owners meet the program eligibility requirements in the first five years.
Refinancing of the first mortgage is not permitted unless the BC HOME Partnership loan is paid in full.
In exceptional circumstances, BC Housing may not require payment in full as long as the original mortgage insurance remains in place. Such steps must be approved by BC Housing in advance of refinancing taking place.
BC Housing may grant priority to a new lender for the transfer of the first mortgage, if there is no equity take out and no changes to the mortgage terms and conditions (transfer of mortgage will be for less than the original mortgage).
If a homebuyer wants to renew with a different lender, BC Housing will agree to grant priority to the lender under the condition that the original mortgage insurance remains in effect.
The BC HOME Partnership loan must be paid in full and discharged from title before additional debt, including a home equity line of credit, can be registered against the property.