BC Home Partnership Program exceeds $1 million mark
BC's home partnership program surpasses the 1 million mark in loans conditionally approved and more than 250 applicants have been approved. First-time homebuyers are taking advantage of the new BC Home Owner Mortgage and Equity Partnership program, more than $1.1 million in loans has been conditionally approved since applications opened on Jan. 16, 2017.
The BC HOME Partnership program was created to assist eligible first-time homebuyers who can afford the costs of home ownership enter the market by matching the amount they have already saved for their down payment, up to five percent of the purchase price, to a maximum of $37,500. The 25-year loan is interest-free and payment-free for the first five years.
The Province anticipates investing more than $700 million over the next three years to help an estimated 42,000 B.C. British Columbians enter the market for the first time.