Are you currently renting and dreaming of owning a home, but you don't have all the down payment in the bank? Take advantage of this opportunity with the Affordable Home Ownership Assistance Loan.
The City of Peterborough is offering a $10,000 loan for people who are currently renting and are thinking of buying a home in the City or County of Peterborough. The Canada Ontario Affordable Housing Program has committed funding to help make homeownership affordable for low and moderate-income households across Ontario. Approximately 17 households may be assisted in the City and County of Peterborough.
The eligibility criteria for this Program include, but are not limited to, the following:
Are currently renting;
Do not presently own a home or property;
Do not owe money to a social housing landlord;
Have a maximum gross annual household income of $63,300;
Will use the purchased home as the sole and principal residence;
Qualify for a mortgage from a CMHC approved lender; and,
Are least 18 years old.
Is purchased for a price that does not exceed $220,000;
Is a single detached, semi-detached, townhouse, row, or apartment unit
(freehold or condominium); and,
Is inspected by a professional home inspector (resale homes only); or
Is covered under the Ontario New Home Warranty Program (new homes only);
Is located in the City or County of Peterborough; and
Is of a modest size (approx. 1100 sq. ft for a 3 bedroom home)
Other Key Points:
• Canada Mortgage and Housing Corporation (CMHC) mortgage insurance treats the $10,000 loan as equity
• The loan is forgiven if the recipient maintains the home as their primary residence for 20 years
• The loan is registered on title as a second mortgage on closing.
• Application process:
Step 1 Application to determine eligibility
Requires mortgage pre-approval
Step 2 Loan Agreement to receive loan
Requires signed-back Agreement of Purchase and Sale with 30 days notice of closing date
• Loans will be offered, subject to availability, on a first-come, first-served basis to eligible applicants who complete Step 2 before December 15, 2010
Interested? Obtain an application package in the Housing Division, City Hall at 500 George Street North to pick it up. Application Packages will be available in the Housing Division starting March 15, 2010 at City Hall, 500 George St N Peterborough, ON.
Paid for in part by the Government of Ontario
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