2013 Homeownership Assistance Loan from The City of Peterborough

INVESTMENT IN AFFORDABLE

HOUSINGHOMEOWNERSHIP ASSISTANCE LOAN - 2013

 

The City of Peterborough is offering a $12,000 loan for people who are currently renting and are buying a home in the City or County of Peterborough. The eligibility criteria for this Program include, but are not limited to, the following:

 

Applicants:

  • Are Currently Renting;
  • Do not presently own a home or property;
  • Do not owe money to a social housing landlord;
  • Have an annual total household income up to $69,800 (gross);
  • Will use the purchased home as the sole and principal residence;
  • Qualify for a mortgage from a CMHC approved lender and;
  • Are at least 18 years old

 

The Home:

 

  • Is purchased for a price that does not exceed $240,000;
  • Is a single detached, semi-detached, townhouse, row or apartment unit (freehold or condominium);
  • 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 $12,000 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

  • Requires signed-back Agreement of Purchase and Sale with a minimum of 30 days notice of closing date
  • Signed-back Loan Agreement to receive loan upon closing

 

Loans will be offered, subject to availability, on a first-come, first-serve basis to eligible applicants who complete Step 2 before December 16, 2013

 If you have any questions please feel free to contact me 705-743-4444

 

Source: City of Peterborough

http://www.city.peterborough.on.ca/Assets/City+Assets/Media+Releases/2013/2013-04-03+Home+Ownership+Assistance.pdf

 

 

 

There are no comments

Thank you! Your comment has been submitted and is awaiting approval.

Patricia Kehr

Patricia Kehr

Real Estate Broker
CENTURY 21 United Realty Inc., Brokerage*
Contact Me