Many municipalities all over Ontario offer funding to help people become property owners (otherwise known as "tax-paying citizens"). Taxes help cities and towns fund civic services and build infrastructure, and therefore, new buyers are not only sought after but necessary for economic growth and prosperity.
Purchasers can use these incentives alone or together with the Federal Government's Shared Equity Program to help get their foot in the door of the real estate market.
Here is a list of programs currently funded by the federal and provincial governments through the Investment in Affordable Housing (IAH) Program. To apply, you must receive a Mortgage Pre-Approval. Please contact a mortgage broker, trust company, credit union, bank, or another qualified lender of your choice to apply for a no-cost mortgage pre-approval.
You can also start the process by APPLYING here. We specialize in providing the proper form of pre-approval documentation geared for these programs. Programs are available all year.
1. Region of Waterloo Affordable Home Ownership
If your household is selected to receive down payment assistance, you will enter into a Loan Agreement with the Region of Waterloo. The Agreement outlines the terms of the loan. The loan you will receive is 5% of the purchase price of a home.
To qualify, you must:
2. B-Home - Brantford Home Ownership Made Easy
To be eligible for an interest-free down payment loan prospective purchasers must meet the following criteria:
3. Lanark County Home Ownership Program.
This program is funding through the Investment in Affordable Housing Program. It assists low to moderate income households currently renting a home in Lanark County or the Town of Smiths Falls to purchase a home by providing a forgivable down payment loan to a maximum of 5% of the purchase price of the home. The loan is forgivable after twenty years.
4. Home Peel - Affordable Home Ownership Program
This program will assist eligible applicants who have a total gross (pre-tax) household income of $88,900 or less to purchase a resale home in the Region of Peel that does not exceed a purchase price of $330,000.
Approved applicants are eligible for $20,000 of down payment assistance.
5. Gateway Muskoka
Down payment assistance loans of up to $20,000.00 are available. The maximum purchase price of a home is $335,000.00. The down payment assistance loans are available through an application process. Gateway down payment assistance loans are limited and therefore may not be available to all eligible applicants.
6. Simcoe - Affordable Homeownership Program
The Affordable Homeownership Program aims to assist low-to-moderate income renter households, in Simcoe County, to purchase an affordable home by providing 10% down payment assistance in the form of a forgivable loan.
7. Kingston Home Ownership
The maximum amount of the funding will be ten per cent (10%) of the purchase price of the home to a maximum of $30,000.00. The funding will be in the form of a twenty (20) year interest-free forgivable loan registered on title of the property.
For more information, please do not hesitate to contact our office. We can help increase your chances of getting approved for these programs by providing thorough and comprehensive pre-approval documentation.
Apply with me today to get started! And don't forget, if you "Mortgage With Me" between now and December 31, 2020, you will automatically be entered to win $10,000!
Sarah A. Colucci, Sr. Mortgage Agent, FSCO #M14000929, Mortgage Edge Broker #10680/ Direct: (647) 773-4849 www.coluccimortgages.com