The city of London Affordable Housing program is available again until March 31 or until the funds are depleted. Below are the most important pieces of information about the program:
1. You must be 18
2. You must be a renter in London
3. Maximum household income cannot exceed $55,000
4. Purchase Price cannot exceed $145,000
5. You will receive 5% for the down payment as well as 3% cashback for closing costs/legal fees
6. Cannot have owned a home in the past or be currently living with someone that does own a home.
This is a great program and if you are interested, please let me know. The monies do not last long, and with today’s low rates, 3 year fixed at 2.89%, 4 year fixed at 2.99% and 5 year fixed at 3.29%, this is a win win situation for first time home buyers,