{"id":1659,"date":"2016-12-17T03:34:15","date_gmt":"2016-12-17T03:34:15","guid":{"rendered":"https:\/\/schreders.ca\/?p=1659"},"modified":"2022-11-16T14:05:51","modified_gmt":"2022-11-16T19:05:51","slug":"bc-home-owner-mortgage-equity-partnership-program","status":"publish","type":"post","link":"https:\/\/www.schreders.ca\/blog\/bc-home-owner-mortgage-equity-partnership-program\/","title":{"rendered":"What Is The BC Home Owner Mortgage and Equity Partnership Program"},"content":{"rendered":"<p style=\"text-align: center;\">Click These Boxes To Go To That Section<\/p>\n<p style=\"text-align: center;\"><a href=\"#example\"><div class=\"button btn-sm right\"><a target=\"_self\" class=\"button \" href=\"\"><\/a><\/div><\/a><a href=\"#christy\"><div class=\"button btn-sm right\"><a target=\"_self\" class=\"button \" href=\"\"><\/a><\/div><\/a> <a href=\"#payment\"><div class=\"button btn-sm right\"><a target=\"_self\" class=\"button \" href=\"\"><\/a><\/div><\/a> <a href=\"#infographic\"><div class=\"button btn-sm right\"><a target=\"_self\" class=\"button \" href=\"\"><\/a><\/div><\/a> <a href=\"#qualify\"><div class=\"button btn-sm right\"><a target=\"_self\" class=\"button \" href=\"\"><\/a><\/div><\/a> <a href=\"#other\"><div class=\"button btn-sm right\"><a target=\"_self\" class=\"button \" href=\"\"><\/a><\/div><\/a><\/p>\n<p>[alert type=&#8221;info&#8221; dismiss=&#8221;true&#8221;]This article is optimized for <span style=\"text-decoration: underline;\"><span style=\"color: #993300;\"><a style=\"color: #993300; text-decoration: underline;\" href=\"https:\/\/schreders.ca\/bc-home-owner-mortgage-equity-partnership-program\/amp\/\">Accelerated Mobile Pages<\/a><\/span><\/span>\u00a0(AMP)[\/alert]<\/p>\n<h2><span style=\"font-weight: 400; color: #800000;\">Getting to know\u00a0the BC Home Owner Mortgage and Equity Partnership Program<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">First-time home buyers should be jumping for joy this week. \u00a0Premier Christy Clark announced Thursday; a new government program <\/span><b>(BC Home Owner Mortgage and Equity Partnership Program)<\/b><span style=\"font-weight: 400;\"> that promises to match the down payment, for the greater of up to <\/span><b>$37,500 or 5% of the purchase price with a 25-year term<\/b><span style=\"font-weight: 400;\"> second mortgage, for first-time home buyers who qualify.<\/span><\/p>\n<h3>Common Questions About Home Loans<\/h3>\n<ul>\n<li>What are the General Requirements to Qualify for Homeowner Mortgage Loan Insurance?<br \/>\n<strong>Go Here:<\/strong>\u00a0<span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\"><span style=\"color: #800000;\"><a style=\"color: #800000; text-decoration: underline;\" href=\"https:\/\/www.cmhc-schl.gc.ca\/en\/co\/moloin\/moloin_003.cfm\" target=\"_blank\" rel=\"noopener\">https:\/\/www.cmhc-schl.gc.ca\/en\/co\/moloin\/moloin_003.cfm<\/a><\/span><\/span><\/span><\/li>\n<li>How can you know if you are financially ready to become a homeowner?<br \/>\n<strong>Go Here:<\/strong>\u00a0<span style=\"text-decoration: underline;\"><span style=\"color: #800000;\"><a style=\"color: #800000; text-decoration: underline;\" href=\"https:\/\/www.cmhc-schl.gc.ca\/en\/co\/buho\/hostst\/hostst_002.cfm#CP_JUMP_28119\" target=\"_blank\" rel=\"noopener\">https:\/\/www.cmhc-schl.gc.ca\/en\/co\/buho\/hostst\/hostst_002.cfm#CP_JUMP_28119<\/a><\/span><\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This loan will come <\/span><b>payment-free and interest-free<\/b><span style=\"font-weight: 400;\"> for the first five years of the mortgage term.\u00a0<\/span><\/p>\n<h1 id=\"example\"><span style=\"font-weight: 400;\">Example:<\/span><\/h1>\n<table style=\"width: 405px;\">\n<tbody>\n<tr>\n<td style=\"width: 368px;\"><b>Home Purchase Price:<\/b><\/td>\n<td style=\"width: 70px;\">$600,000<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 368px;\"><strong>Minimum down payment\u00a0<\/strong><strong>required<\/strong><\/td>\n<td style=\"width: 70px;\">$35,000<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 368px;\"><strong>Your personal down payment of 5%<\/strong><\/td>\n<td style=\"width: 70px;\">$30,000<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 368px;\"><b>BC Home Partnership Loan of 5%<\/b><\/td>\n<td style=\"width: 70px;\">$30,000<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 368px;\"><strong>Total down payment towards your new home <\/strong><\/td>\n<td style=\"width: 70px;\">$60,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<blockquote id=\"christy\"><p><i><span style=\"font-weight: 400;\">\u201cWe believe every British Columbian deserves a place to call home. We\u2019ve invested in affordable rental housing, we\u2019ve invested in transitional and emergency housing, and now we\u2019re partnering with first-time buyers to make the purchase of their first home more affordable.\u201d<\/span><\/i> <b>Christy Clark &#8211; Premier of British Columbia<\/b><\/p><\/blockquote>\n<p>The Province of British Columbia is investing about $703 million throughout the next three years to help about 42,000 B.C. families buy their first home.<\/p>\n<p><span style=\"font-weight: 400;\">Saving for a mortgage down payment can be difficult for some first-time home buyers. Getting a little help with the deposit from the BC government can be the light at the end of the tunnel for these struggling families.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Housing affordability<\/strong> has been a hot topic this year, with real estate prices steadily rising and arguably pushing a lot of<strong> first-time home buyers<\/strong> out of higher priced markets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">B.C. residents are also feeling the pinch in rental housing; which has naturally risen to meet the high home purchasing costs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This &#8220;B.C. Government Loan&#8221; should be a welcome blessing to the young families who are working hard to save for a down payment.<\/span><\/p>\n<blockquote><p><i><span style=\"font-weight: 400;\">\u201cThe first step into the market can be the hardest step, so our government will partner with homebuyers to help them achieve their minimum down payment,\u201d <\/span><\/i><b>Rich Coleman &#8211; Minister of Natural Gas Development &amp; Minister Responsible for Housing<\/b><\/p><\/blockquote>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1662\" src=\"https:\/\/schreders.ca\/wp-content\/uploads\/2016\/12\/Schreder-Brothers-Real-Estate-Group-Langley-Realtor-What-Is-The-BC-Home-Owner-Mortgage-and-Equity-Partnership-Program-Christy-Clark.jpg\" alt=\"schreder-brothers-real-estate-group-langley-realtor-what-is-the-bc-home-owner-mortgage-and-equity-partnership-program-christy-clark\" width=\"980\" height=\"551\" srcset=\"https:\/\/www.schreders.ca\/blog\/wp-content\/uploads\/2016\/12\/Schreder-Brothers-Real-Estate-Group-Langley-Realtor-What-Is-The-BC-Home-Owner-Mortgage-and-Equity-Partnership-Program-Christy-Clark.jpg 800w, https:\/\/www.schreders.ca\/blog\/wp-content\/uploads\/2016\/12\/Schreder-Brothers-Real-Estate-Group-Langley-Realtor-What-Is-The-BC-Home-Owner-Mortgage-and-Equity-Partnership-Program-Christy-Clark-300x169.jpg 300w, https:\/\/www.schreders.ca\/blog\/wp-content\/uploads\/2016\/12\/Schreder-Brothers-Real-Estate-Group-Langley-Realtor-What-Is-The-BC-Home-Owner-Mortgage-and-Equity-Partnership-Program-Christy-Clark-768x432.jpg 768w, https:\/\/www.schreders.ca\/blog\/wp-content\/uploads\/2016\/12\/Schreder-Brothers-Real-Estate-Group-Langley-Realtor-What-Is-The-BC-Home-Owner-Mortgage-and-Equity-Partnership-Program-Christy-Clark-310x174.jpg 310w\" sizes=\"auto, (max-width: 980px) 100vw, 980px\" \/><\/p>\n<h1 id=\"payment\"><span style=\"font-weight: 400;\">Payment-Free &#8211; Interest-Free For First Five Years<\/span><\/h1>\n<p><span style=\"font-weight: 400;\">During the first five years, there will be no interest or principal payments on the loan for the first five (5) years as long as the home remains as the homebuyer&#8217;s <\/span><b>principal residence<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once the first five years are complete, the home buyer will be responsible for making monthly payments at current interest rates over the <\/span><b>remaining 20 years<\/b><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The home buyer will have the option to make extra payments or full payment anytime without penalty.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the home is sold or transferred to another owner, the outstanding loan must be repaid in full.<\/span><\/p>\n<p>[bctt tweet=&#8221;BC Home Owner Mortgage and Equity Partnership Program Qualifications &#8211; #BC&#8221; username=&#8221;&#8221;]<\/p>\n<h3 id=\"infographic\">Getting To Know The BC Home Owner Mortgage and Equity Partnership Program Infographic<\/h3>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-1810 aligncenter\" src=\"https:\/\/schreders.ca\/wp-content\/uploads\/2016\/12\/Schreder-Brothers-Real-Estate-Group-BC-Home-Owner-Mortgage-and-Equity-Partnership-Program-Infographic-005.jpg\" alt=\"Schreder-Brothers-Real-Estate-Group-BC-Home-Owner-Mortgage-and-Equity-Partnership-Program-Infographic-005\" width=\"600\" height=\"1500\" srcset=\"https:\/\/www.schreders.ca\/blog\/wp-content\/uploads\/2016\/12\/Schreder-Brothers-Real-Estate-Group-BC-Home-Owner-Mortgage-and-Equity-Partnership-Program-Infographic-005.jpg 800w, https:\/\/www.schreders.ca\/blog\/wp-content\/uploads\/2016\/12\/Schreder-Brothers-Real-Estate-Group-BC-Home-Owner-Mortgage-and-Equity-Partnership-Program-Infographic-005-120x300.jpg 120w, https:\/\/www.schreders.ca\/blog\/wp-content\/uploads\/2016\/12\/Schreder-Brothers-Real-Estate-Group-BC-Home-Owner-Mortgage-and-Equity-Partnership-Program-Infographic-005-410x1024.jpg 410w, https:\/\/www.schreders.ca\/blog\/wp-content\/uploads\/2016\/12\/Schreder-Brothers-Real-Estate-Group-BC-Home-Owner-Mortgage-and-Equity-Partnership-Program-Infographic-005-768x1920.jpg 768w, https:\/\/www.schreders.ca\/blog\/wp-content\/uploads\/2016\/12\/Schreder-Brothers-Real-Estate-Group-BC-Home-Owner-Mortgage-and-Equity-Partnership-Program-Infographic-005-614x1536.jpg 614w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/>Inforgraghic is: <span style=\"color: #800000;\">Attribution-NonCommercial-NoDerivs License<\/span><\/p>\n<h1 id=\"qualify\"><span style=\"font-weight: 400; color: #800000;\">BC Home Owner Mortgage and Equity Partnership Program Qualifications:<\/span><\/h1>\n<h2><span style=\"font-weight: 400;\">Home buyers must:<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Reside in the home<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Be a first-time homebuyer<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Be a Canadian citizen or permanent resident for five years<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Have resided in BC for at least one year<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Have a combined gross income of $150,000 or less<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Have saved at least half of the minimum down payment they will require, and<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Be pre-approved for a 1st mortgage before applying. Brokers should treat the second mortgage as a non-traditional source of down payment.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The property must be the principal residence for the first five years, must cost less than $750,000, and must not be a rental or recreational property.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><b>The B.C. Home Owner Mortgage and Equity Partnership program<\/b><span style=\"font-weight: 400;\"> will start accepting applications <\/span><b>Jan. 16, 2017<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><b>Learn how to apply:<\/b> <span style=\"text-decoration: underline;\"><span style=\"color: #800000;\"><a style=\"color: #800000;\" href=\"https:\/\/news.gov.bc.ca\/files\/Housing_Campaign_HOME.pdf\"><span style=\"font-weight: 400;\">https:\/\/news.gov.bc.ca\/files\/Housing_Campaign_HOME.pdf<\/span><\/a><\/span><\/span><\/p>\n<p><span style=\"font-weight: 400;\">For additional details about the B.C. Home Owner Mortgage and Equity Partnership program, please visit: <\/span><span style=\"text-decoration: underline;\"><span style=\"color: #800000;\"><a style=\"color: #800000;\" href=\"https:\/\/homeownerservices.bchousing.org\/\"><span style=\"font-weight: 400;\">https:\/\/homeownerservices.bchousing.org\/<\/span><\/a><\/span><\/span><\/p>\n<h2 id=\"other\"><span style=\"font-weight: 400;\">Other First-time Home Buyer Programs:<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">First Time Home Buyers Program<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">-Save first-time buyers up to $7,500 when purchasing a home valued up to $475,000.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Newly Built Homes Exemption<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">-Save buyers up to $13,000 in property transfer tax when purchasing a newly constructed or subdivided home worth up to $750,000.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<div class=\"list-group\"><a class=\"list-group-item\" href=\"https:\/\/www.facebook.com\/SchrederBrothers\/\"><i class=\"fa fa-share fa-fw\"><\/i> <strong>Go To <span style=\"color: #ffffff;\">&#8230; <\/span><\/strong><span style=\"color: #993300;\">Talk To Us On Facebook<\/span><\/a><br \/>\n<a class=\"list-group-item\" href=\"https:\/\/twitter.com\/search?f=tweets&amp;q=%23askschreders&amp;src=typd\"><i class=\"fa fa-share fa-fw\"><\/i><strong> Go To <\/strong> <span style=\"color: #ffffff;\">&#8230;<\/span> <span style=\"color: #993300;\">Ask Us a Question on Twitter #AskSchreders<\/span><\/a><br \/>\n<a class=\"list-group-item\" href=\"https:\/\/schreders.ca\/contact\/\"><i class=\"fa fa-share fa-fw\"><\/i> <strong>Go To <span style=\"color: #ffffff;\">&#8230; <\/span><\/strong><span style=\"color: #993300;\">Send Us An E-Mail<\/span><\/a><br \/>\n<a class=\"list-group-item\" href=\"tel:604-530-0231\"><i class=\"fa fa-share fa-fw\"><\/i> <strong>Go To <span style=\"color: #ffffff;\">&#8230; <\/span><\/strong><span style=\"color: #993300;\">Give Us a Call 604-530-0231<\/span><\/a><\/div>\n<div class=\"list-group\"><\/div>\n<table style=\"width: 100%; margin-left: auto; margin-right: auto;\">\n<tbody>\n<tr>\n<td style=\"width: 100%; background-color: #8f0509;\" colspan=\"8\">\n<h3 style=\"text-align: center;\"><span style=\"color: #ffffff;\">Information References<\/span><\/h3>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 10%; text-align: left;\"><span style=\"text-decoration: underline;\"><span style=\"color: #800000;\"><a style=\"color: #800000; text-decoration: underline;\" href=\"https:\/\/homeownerservices.bchousing.org\/\">https:\/\/homeownerservices.bchousing.org\/<\/a><\/span><\/span><\/p>\n<p><span style=\"text-decoration: underline;\"><span style=\"color: #800000;\"><a style=\"color: #800000; text-decoration: underline;\" href=\"https:\/\/www.cmhc-schl.gc.ca\/en\/co\/moloin\/moloin_003.cfm\">https:\/\/www.cmhc-schl.gc.ca\/en\/co\/moloin\/moloin_003.cfm<\/a><\/span><\/span><\/p>\n<p style=\"text-align: center;\">\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Click These Boxes To Go To That Section [alert type=&#8221;info&#8221; dismiss=&#8221;true&#8221;]This article is optimized for Accelerated Mobile Pages\u00a0(AMP)[\/alert] Getting to know\u00a0the BC Home Owner Mortgage and &hellip;<\/p>\n","protected":false},"author":2,"featured_media":1661,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[149,4,67,116],"tags":[150,151,152],"class_list":["post-1659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-amp-optimized","category-blog-post","category-buying-tips","category-real-estate-news","tag-bc-home-owner-mortgage-and-equity-partnership-program","tag-christy-clark","tag-first-time-home-buyer"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts\/1659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/comments?post=1659"}],"version-history":[{"count":1,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts\/1659\/revisions"}],"predecessor-version":[{"id":70763,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts\/1659\/revisions\/70763"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/media\/1661"}],"wp:attachment":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/media?parent=1659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/categories?post=1659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/tags?post=1659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}