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BC Home Owner Mortgage and Equity (HOME) Partnership program

January 5, 2017 | Posted by: Tania Kalinich

As you may have heard, on December 15, 2016, the BC government announced a new initiative to assist eligible first-time homebuyers. The BC Home Owner Mortgage and Equity (HOME) Partnership program provides repayable loans, to be secured by a second mortgage, up to a maximum 5% (capped at $37,500) of the purchase price.

The HOME Partnership program highlights are:

- Max. purchase price - $750,000.00

Must be principal residence 

Lived in BC for 12 months preceding application 

Be a first-time homebuyer who has not owned an interest in a principal residence anywhere in the world at any time and has never received a first-time homebuyers' exemption or refund

Max. allowable combined income of applicants can not exceed $150,000.00

Loan is registered as a second mortgage and is included in the mortgage ratios at time of application

Interest free and no payments for first 5 years

The initial interest rate on the fifth anniversary will be outlined in the Conditional Loan Approval letter received by the homebuyer

The interest rate will be reset at the Royal Bank of Canada Prime Rate plus 0.5% at each of the 10th, 15th and 20thanniversary dates


Please find full details at the link below.

Insurers (CMHC, Genworth, & Canada Guarantee) will provide mortgage insurance for borrower(s) eligible under the HOME Partnership program and will have increased insurance premiums under the 'Borrowed Down Payment' program as follows:

- LTV Premium Rate
90.01-95% 3.85%
85.01-90%* 3.60%
80.01-85%* 1.80%
* for 80.01-90% LTV, borrowed down payment must not exceed 5% of the property value.

- For all applications received where a portion of the down payment is from the HOME Partnership program, repayment of the HOME Partnership loan must be included in the total debt service ratio by including the loan payment in the 'other obligations'. The Bank of Canada benchmark rate for the interest rate of the loan and a 20-year amortization period must be applied to determine the monthly loan payment.

If you have any questions about the program please don't hesitate to contact me directly.

Let's keep in touch and stay informed!


Tania Campfield, Mortgage Professional
Mortgage Centre Right Way Mortgage
Tel: (604) 376-4997



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