Title

Ontario Affordable Housing Program’s Homeownership

Program has been extended to March 31st 2011

Several new build homes in the Wasaga Beach/ Collingwood area would qualify.

Renters may now be able to afford their own home. With low interest rates it is not the monthly payment than can be problematic but finding the initial down payment. This scheme addresses that issue.

Program Rules

Funding is available on a first come, first served basis until all funds have been exhausted or until the deadline of March 31, 2011.  Therefore, down payment assistance may not be available to all eligible applicants.
The maximum amount of a down payment loan will be up to 10 percent of the purchase price of a newly constructed home, with a maximum purchase price of $247,862.
The AHP down payment will be registered on title.  On the 20th anniversary date of the home purchase, the down payment assistance mortgage will be forgiven at the request and expense of the homeowner.
If, during the 20 year time frame, the purchaser or one of the purchasers ceases to occupy the property as their sole and principal residence (e.g. sells the property, rents, defaults on the Loan Agreement, etc.), the AHP down payment assistance, plus up to 10 percent of the increase in the market value of the property, will be repayable to the County of Simcoe
The AHP down payment assistance loan is considered by CMHC as homeowner equity for the purposes of securing CMHC mortgage insurance.

Eligible Homes Considered

Homes purchased must be new units not previously occupied, including conversions from non-residential use that include a new home warranty
Homes must be modest in size, priced at $247,862 or less and located in Simcoe County
Persons seeking funds to offset construction costs on land that they currently own are not eligible for funding
Units may be detached, semi-detached, condominiums, stacked homes, row/town houses, or apartments (mobile homes and homes on reserve land are ineligible)

Minimum Household Eligibility

Must be a renter household buying a sole and principal residence
Cannot currently own a home or have any vested interest in a residence/land
Must provide proof of gross household income at or below $73,500
Have assets of no more than $20,000
No outstanding arrears if a former tenant of social housing in Ontario
At lease 18 years of age, Canadian citizen, landed immigrant, or have Refugee Claimant status
Supply photo identification and birth certificate
Provide documentation showing mortgage pre-approval at time of application

Please contact me for further details

This entry was posted on Wednesday, September 9th, 2009 at 12:48 pm and is filed under The World Of Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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