FUNDING IS NOW AVAILABLE for Assistance in the Purchase of a New Home in PEEL (Brampton, Caledon or Mississauga) if you currently rent in Peel!
Are you renting in Brampton, Caledon or Mississauga and looking to buy? Home in Peel Affordable Ownership Program is now being offered! The goal of the program aims to assist renter households in purchasing an affordable home in Peel by offering up to $15,000 of down payment assistance!
This Program provides renter households with the opportunity to move to homeownership thereby freeing up rental units, encouraging developers to build affordable housing and fostering demand.
So, who qualifies for the down payment assistance?
- You must be at least 18 years of age, a Canadian citizen, landed immigrant or have Refugee status
- You cannot currently own or have a vested interest in a residence or any land
- You must be a renter household in Peel looking to buying a sole and principal residence in Peel
- You must show proof of a gross (pre-tax) household income not exceeding $80,000
- You must be pre-approved for a mortgage and insured by a mortgage default insurer such as Canada Mortgage and Housing Corporation (CMHC)
- You may not include anticipated rental income from a portion of the property in order to obtain a mortgage
- You must be able to pay all additional closing costs
- You must supply all necessary documentation within the required timeframe
Applications for the new down payment assistance program are now being accepted. As funding for this program is limited, participants are selected on a first-come, first-serve basis.
The Home Ownership program is an excellent way to help get first time buyers into their first home so they can begin to gain equity. Please pass this information along to friends and family who may find it useful, and don’t hesitate to contact me for more information on real estate or Home in Peel Affordable Ownership Program.