FREE DOWNPAYMENT: The Region of Peel might once again be offering free downpayments to qualified applicants for 2015.
What is the Home in Peel Affordable Ownership Program?
The Home in Peel Affordable Ownership Program is designed to provide low-to-moderate income residents who are currently renting a unit in the Region of Peel (Brampton, Caledon or Mississauga) the opportunity to qualify for down payment loan assistance to buy a home in Peel Region.
This program will assist eligible applicants who have a total gross (pre-tax) household income of $80,000 or less to purchase a resale home in the Region of Peel that does not exceed a purchase price of $295,000.
Participant Eligibility
Applicants must be 18 years of age or older
Applicants must be a Canadian citizen or have permanent resident status
Applicants must not own or have an interest in another residential property in Canada or elsewhere
The home must be the sole and principal residence of the purchaser
The applicant must currently be renting in Peel and looking to buy a sole and principal residence
The applicant must have a total gross (pre-tax) household income not exceeding $80,000
The applicant must be able to obtain a mortgage pre-approval from a bank/lender that is approved and insured by a mortgage default insurer such as Canada Mortgage and Housing Corporation (CMHC) and must submit it with their application
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 within the required timeframe
What is the Home in Peel Affordable Ownership Program?
The Home in Peel Affordable Ownership Program is designed to provide low-to-moderate income residents who are currently renting a unit in the Region of Peel (Brampton, Caledon or Mississauga) the opportunity to qualify for down payment loan assistance to buy a home in Peel Region.
This program will assist eligible applicants who have a total gross (pre-tax) household income of $80,000 or less to purchase a resale home in the Region of Peel that does not exceed a purchase price of $295,000.
Participant Eligibility
Applicants must be 18 years of age or older
Applicants must be a Canadian citizen or have permanent resident status
Applicants must not own or have an interest in another residential property in Canada or elsewhere
The home must be the sole and principal residence of the purchaser
The applicant must currently be renting in Peel and looking to buy a sole and principal residence
The applicant must have a total gross (pre-tax) household income not exceeding $80,000
The applicant must be able to obtain a mortgage pre-approval from a bank/lender that is approved and insured by a mortgage default insurer such as Canada Mortgage and Housing Corporation (CMHC) and must submit it with their application
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 within the required timeframe
http://www.peelregion.ca/housing/home-in-peel/apply/qualifications.htm
*** Currently the region is waiting for confirmation of funding to confirm that it will be available for 2015, They are expecting a response around March, it is on a first come first served basis, so interested parties need to be constantly looking at the web site.
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