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BC Home Owner Mortgage and Equity Partnership

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.

The online portal will be undergoing maintenance and be unavailable from October 29 to November 9, 2018. If you have questions or need to submit documents to support your file, please contact us at 604-439-4727 or toll-free 1-844-365-4727.

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.

How does the repayment work?

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.

If you would like to repay your loan in full (whether optionally or for any of the reasons above), please contact BC Housing at 604-439-4727 or 1-844-365-4727 (toll free). Your legal counsel will be required to submit a payout statement request to our office.

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.

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 and stopped providing loans as of September 28, 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.

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.

At the beginning of the sixth year, interest will start accruing and the homeowner 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 
  • The home is no longer the purchaser’s principal residence in the first five years

The BC HOME Partnership loan is due and payable in full.

Upon sale, the loan must be repaid.

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.