Real Estate News
Government Help for First Time Buyers in Peel, Mississauga, Brampton - $10,000 Loan Assistance for Home Buyers
Good News for Home Buyers in Mississauga, Brampton & Caledon. Government Assistance Down Payment Plan to help you buy a Home.
The Canada-Ontario Government has designed an Affordable Home Ownership Program to help provide low-to-moderate income residents who are currently renting a unit the opportunity to qualify for down-payment load assistance when they buy a home in Peel Region (which covers Brampton, Caledon and Mississauga)
This program will assist eligible applicants who have a total annual income of $75,800 or less to purchase a home that does not exceed a purchase price of $247,000.
The down payment assistance will be up to a maximum of $10,000.
Who Qualifies for this Government Assistance Home Ownership Program?
- Applicants must be 18 years of age or older
- Applicants must not own or have an interest in another residential property
- The home must be the sole and principal residence of the purchaser
- The applicant must currently be renting and looking to buy a sole and principal residence
- The applicant must have a total household income not exceeding $75,800
- The applicant must be able to obtain a mortgage and demonstrate sustainability
- Participants may not include anticipated rental income from a portion of the property in order to obtain a mortgage
- The applicant must be able to pay all additional closing costs
- The applicant must supply all necessary documentation to the Region of Peel
Due to unpredictability of closing dates, new homes will not be eligible for purchase under the Home in Peel program.
Participants may purchase:
- resale detached homes
- semi-detached
- row homes
- town (condo or freehold) stacked homes
- high-rise condo units
Duplex, triplex or mobile homes do not qualify as eligible homes under the Home in Peel program.
Terms of the Loan
The down payment loan is for a 20-year period and no interest is charged if:
- The home remains the sole and principal residence of the owner. The home cannot be rented, leased or sold in the 20-year period.
- On the 20th anniversary date of the agreement, the loan is automatically forgiven provided there has been no default.
Repayment of the loan is required when:
- The home ceases to become the sole and principal residence of the owner.
- The home is sold before the 20-year affordability period.
If the home is sold before the 20-year affordability period, and there is a value increase, the down payment loan must be repaid plus five per cent (5%) of the capital gain (appreciation).
If the home is sold for less than the original purchase price, the owner does not pay appreciation and the principal is forgiven (the sale must be at fair market value and must be an arm’s length transaction)
Participants on a first-come, first-serve basis. A waiting list for interested program participants will be
created once all initial Home in Peel down payment funds are distributed. Although the Region of Peel does expect some down payment loan funds will be returned to the Region’s revolving loan fund, there is no guarantee when this will occur.
Applying for the Loan does require “paperwork” and we’d be happy to assist. Getting documents together, in advance, can help with the process. At the same time we can help get a Pre-Approval from a bank for a mortgage for the balance of the funding for qualified participates.
If you have any questions, we welcome your calls at 416-471-4081 or email rmaini07@gmail.com
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