Up to five per cent of the purchase price
Who is Eligible:
BC Home Owner Mortgage and Equity Partnership (BC HOME Partnership) assists residents of British Columbia who are eligible first-time homebuyers by providing repayable down payment assistance loans.
Steps to Get this Rebate:
1. If you are already searching for a home, note the following:
A. When negotiating a closing date, you must allow time for BC Housing to process your application and to satisfy any conditions of purchase (i.e.: financing, home inspections, etc.).
a. Once you have entered into a Contract of Purchase and Sale, log in to your MyBCHousing account to provide information about your home. If the home is eligible, you will receive a Loan Approval Letter. Give this letter to your first mortgage lender/broker.
b. Once all conditions have been satisfied or waived, log into your MyBCHousing account and provide the following information at least 14 days prior to closing:
-Confirmation of closing date, possession date, purchase price, and your down payment
-The mortgage commitment letter from your first lender
-Your lawyer/notary public’s contact information
-If applicable, any amendments made to the Contract of Purchase and Sale
When the Rebate Ends:
Leave a Reply