Home Partnership Program Open for Applications
Prince George, B.C. – Attention first-time homebuyers.
Starting today, those individuals can apply to the B.C. Home Owner Mortgage and Equity Partnership program for help buying their first homes.
The initiative is designed to help first-time homebuyers who can afford the costs of home ownership but who are having trouble putting together a down payment.
The program contributes to the amount first-time buyers have already saved for their down payment, providing up to $37,500, or up to five per cent of the purchase price, with a 25-year loan that is interest-free and payment-free for the first five years.
To qualify, buyers must first qualify for an insured high-ratio mortgage, to ensure they can afford the payments.
The provincial government estimates it will invest about $703 million over the next three years to help an estimated 42,000 households enter the housing market for the first time.
To determine your eligibility, click here.