Archie Ali
  Re/Max Realty Specialists Inc., Brokerage
Independently Owned and Operated
   
 
archieali@rogers.com
416-816-4346
 
 
 
 
 
 
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Affordable Home Ownership

Home in Peel Affordable Ownership Program

Do you want to own your own home?

It can be possible with the Home in Peel Affordable Ownership Program.

The Canada-Ontario Affordable Housing Program has allocated funds to the Region of Peel to assist low to moderate income rental households become home owners.

Under this program, approved applicants can purchase affordable homes in Peel with an interest-free down payment loan of up to $8,500 towards the total purchase price of their home.

Home Ownership Program Guidelines:

Who is eligible?

Applicants must be atleast 18 years old, currently a renter, and have a combined earned household income of $62,600 per year or less.

Applicants who have property or an interest in a property in Canada or elsewhere do not qualify for this program.

Successful purchasers must reside in their new home as their sole and principal residence.

What type of home can you buy?

Homes must have a selling price below $208,000 and must be modest in size, relative to community standards. 

Homes must be located in the Region of Peel and the purchaser must agree to remain in the home for a period of 20 years in order for the down payment loan to become forgivable (consequences of default are explained in the agreement).

Once the offer on the home is firm and accepted, approved purchasers must provide a firm Agreement of Purchase and Sale for the home, a completed home inspection report, firm mortgage approval from a primary lender, and mortgage insurance under-writing approval to the Region of Peel.

The Home in Peel loan agreement, which all program participants will sign, outlines the terms of the down payment assistance.  On the date of closing, the loan amount is advanced to the purchaser's lawyer and put towards the down payment on the home.

Eligible and successful participants will be monitored and are expected to adhere to all reporting requirements under the program for the period of 20 years after purchase.

To apply...you will need to complete an application form and attach:

  • Proof of household income:  For all purchasers who will be registered owners on the title, income tax assessment and income verification must also be attached.
  • Proof of identity:  Atleast one of the two pieces of identification required must have a current photo on it; this is required for all persons over 18 years of age who will be considered a purchaser or registered owner.

To find out if you are eligible, or for more information visit:  http://www.peelregion.ca/housing/home-in-peel/

This public program has limited funding and will be dispersed on a first-come, first-served basis.

 
 


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Independently Owned and Operated
 
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