The Down Payment Assistance Program
UPDATE: The program is now available and this article has been updated with current information.
Buying a home is an amazing achievement and an asset people strive to achieve. But a hefty down payment cost may be preventing people from buying a home.
Luckily for most Canadians, the government has created a down payment assistance program to help, and it’s here now!
The important updates to the program, now that is available are:
- Annual gross household income cannot exceed $86,600 and assets must be $20,000 or less.
- The purchase price of the house you are considering must not exceed $225,200.
If you are interested in the down payment program, this blog is for you. We cover the criteria and what you will need to get prepared for the application.
Eligibility Criteria
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 $86,600 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 main 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.
Getting Prepared For The Application
This information is important for you to have so you can fill out the application. Having the information gathered will make the process as smooth and quick as possible.
- Current financial information
- Income sources (for example employment income, child support, retirement income)
- A credit check will be done
- This program will not need a down payment. You will get it from the city.
- The program will be offered the 3rd week of May
- The city has a cap on the number of applications they take, so get your applications in quickly!
Qualifying Homes
The purchase price of the home you are considering must not exceed $225,200.
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.
A 20-year agreement will provide 10% of the purchase price of the home. Applicants must qualify for a mortgage loan in order to be eligible for the assistance.
Next Steps
Is this program for you? Start with a consultation with us and download the application here.
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.
