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BC Home Partnership Program

Courtesy of invis
By P. Hardy

Attached is the BC Home Partnership press release. It officially starts Monday. Essentially available for 3 years. Gifted funds can also form part of the clients downpayment, as low as 2.5%. Max purchase price is $750, with max BC Home loan of $37,500, no payments on this till 5 years after funding. Max combined income of $150k. Must be first time buyers, resident of BC for one year, reside in Canada for at least 5 years.

Here are the steps for the program:

1. Clients get preapproved by a mortgage broker (or bank) and secure a letter of the same.
NOTE: I can simply provide a preapproval letter here if the client is a slam-dunk. Otherwise, I will get an actual financial institution preapproval.

2. Clients do the online application to BC Home, provide any paperwork required—2015 NOA, evidence of citizenship, plus the preapproval letter
NOTE: BC home will take up to 5 days to send back the first approval

3. Once the BC Home approval is in hand the clients go shopping, make an offer

4. Mortgage broker sends in the BC Home approval along with the accepted offer, and the normal paperwork to the financial institution to secure the mortgage commitment, which is then provided back to BC Home by the client.

5. They process the final approval, expected to take one day for this

That’s it in a nutshell.

More Info: PDF Link

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