The Down Payment Assistance Program Is Coming!

The Down Payment Assistance Program Is Coming!

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 coming soon!

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 $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 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 $212,000. 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.

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.

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