FIRST TIME HOMEBUYERS PROGRAM (new as of January 16, 2017)

FIRST TIME HOMEBUYERS PROGRAM (new as of January 16, 2017)

As of January 16, 2017 the provincial government has introduced the B.C. Home Owner Mortgage and Equity Partnership program for First-Time Homebuyers needing help with their down payment.

Eligibility requirements for the new government first-time homebuyer down-payment loan program are:

• Have saved a down payment amount at least equal to the loan amount for which they are applying from government.
• Have been a Canadian citizen or permanent resident for at least five years.
• Have lived in B.C. for at least one year prior to the sale.
• Be a first-time buyer who has not owned an interest in any residential property anywhere in the world at any time.
• The home must have a purchase price of less than $750,000.
• The buyer must already be able to qualify for an insured high-ratio first mortgage for at least 80 per cent of the purchase price.
• The combined gross household income of all people on title must not be more than $150,000.

Applications are open for 3 years starting January 16, 2017 and ending March 31, 2020. For more information check out the link below:
https://housingaction.gov.bc.ca/tile/home-owner-mortgage-and-equity-partnership/