FIRST TIME HOMEBUYER PROGRAM

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