Natural Gas Development

New program helps first-time homebuyers in Penticton

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Natural Gas Development

New program helps first-time homebuyers in Penticton

Media Contacts
Lindsay Byers
Media Relations Ministry of Natural Gas Development and Responsible for Housing 250 952-0617
(flickr.com)
Media Contacts
Lindsay Byers
Media Relations Ministry of Natural Gas Development and Responsible for Housing 250 952-0617

Backgrounders

B.C. Home Owner Mortgage and Equity Partnership program details

Am I eligible for a partnership loan?

The program supports eligible first-time homebuyers who are approved for an insured highratio first mortgage. To qualify for the program, all individuals on title must:

  • Have been a Canadian citizen or permanent resident for at least five years.
  • Have resided in British Columbia for at least one year immediately preceeding the date of application.
  • Be a first-time buyer who has not owned an interest in a residence anywhere in the world at any time.
  • Use the property as their principal residence for the first five years.
  • Purchase a home that has a purchase price of $750,000 or less (excluding taxes and fees).
  • Obtain a high-ratio insured first mortgage on the property for at least 80% of the purchase price.
  • Have a combined, gross household income of all individuals on title not exceeding $150,000.
  • Have saved a down payment amount at least equal to the loan amount for which the buyer applied.

What do I do and how do I apply?

Step 1: Get preapproval for an insured first mortgage from your financial lending institution.

Step 2: Apply to BC Housing for the B.C. Home Owner Mortgage and Equity Partnership program loan. If you are eligible, you will receive confirmation of eligibility and Homebuyer’s Kit, which includes information for your lender, real estate licensee, and lawyer/notary public.

Step 3: Find your home and provide the details of your planned purchase to BC Housing for approval.

Applications for the program will be accepted starting Monday, Jan. 16, 2017, for purchases that will close on or after Wednesday, Feb. 15, 2017.

What information will I need to apply?

Buyers can begin gathering the documents they’ll need to submit an online application. Buyers will need:

  1. Proof of status in Canada and residency in British Columbia.
  2. Secondary identification (must include your photo).
  3. Proof of income and tax filings.
  4. Insured first mortgage pre-approval.

More information about these requirements: https://homeownerservices.bchousing.org/

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