Now in operation – British Columbians looking to purchase their first home can apply to the B.C. Home Owner Mortgage and Equity Partnership program, which helps first-time homebuyers create secure and stable futures for their families through home ownership.

The B.C. HOME Partnership is designed to help first-time homebuyers who can afford the costs of home ownership, but are experiencing challenges with the initial step in entering the market – that is, getting together a down payment.

The goal of the program is to help more British Columbians establish a nest egg and ensure the dream of home ownership remains in reach for families. The program contributes to the amount first-time buyers have already saved for their down payment, providing up to $37,500, or up to 5% of the purchase price, with a 25-year loan that is interest-free and payment-free for the first five years.

Under the B.C. HOME Partnership program, homebuyers must first qualify for an insured high-ratio mortgage, to ensure they can afford payments both today and in the future.

Applications are now being accepted for purchases that close on or after Feb. 15, 2017