13 January 2017
Neil Bosdet

BC Housing has launched a new website detailing the BC Home Partnership Program that offers a generous loan program to qualified First Time Home Buyers in BC. In our heated and expensive Real Estate market in Victoria, any assistance to help make your 1st purchase is very welcome.

Qualifying is not that tough as it seems this program is more inclusive than exclusive. Down payment assistance is provided in the form of a loan with a 25 year amortization and the 1st 5 years are payment and interest free.

To qualify for BC HOME Partnership loan, anyone who appears on the title of the home must meet the following criteria:

Be a Canadian citizen or permanent resident for the last five years.

Have lived in British Columbia for at least the full 12 months preceding your 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.

Purchase a home that is $750,000 or less.

Be eligible for a high-ratio insured first mortgage for the home.

Other criteria are:

The combined, gross household income of all individuals on the title must not exceed $150,000.

The home being purchased must be used as the principal residence of all individuals on the title for the five years after purchasing.

You must have a partial down payment saved.

Further details and instructions can be found here: BC Home Partnership Program

No one knows what will happen this year in the Victoria Real Estate market but the general consensus among most Realtors I’ve spoken with is that our market will continue to rise. Our inventory is very low and there are many Buyers still looking to purchase. The Bosdet Homes Real Estate Team is here to help if you have any questions or if you’d like to start looking for your first home.