Buying a home is an exciting, monumental step in life. It is an incredibly beneficial asset to have and can potentially save money over renting.
Monthly payments are typically lower and you don’t have to deal with the pesky deposits rental properties often require.
The biggest hurdle keeping most people back from buying is the hefty down payment required for such a purchase. Luckily for many Canadians, the government has created a down payment assistance program available to help.
This short video explains the program.
Applicants for the program must be legal Canadian residents aged 18 and above. Landed immigrants covered under the refugee protection act are also eligible.
Annual gross income cannot exceed $81,500 and assets must be $20,000 or less. Income and assets include amounts gained both in Canada and abroad.
Don’t worry, that doesn’t include your primary vehicle. While additional cars you may have will be included, they realize that your primary means of transportation shouldn’t have to be negotiated at any point.
You DO NOT have to be a first time home buyer to qualify for this program! As long as you do not currently own a home, you can apply.
The purchase price of the home you are considering must not exceed $212,000. Not too shabby for a beautiful, new family home.
If it is a resale home you are interested in, a home inspection will be required and will be at your own expense.
Qualifying homes are limited to the areas of Amherstburg, Essex, Kingsville, Lakeshore, LaSalle, Leamington, Pelee Island, Tecumseh, and Windsor.
Buyers must continue to meet these criteria throughout the entire program. A 20-year agreement will provide 10% of the purchase price of the home. Applicants must qualify for a mortgage loan to be eligible for the assistance.
For more information, please contact us. We will be happy to walk you through the process, as well as check to see if you qualify for a mortgage loan.
We work with over 50 banking institutions, ensuring you will get the best rate in the shortest amount of time.