Information on Affordable Home Ownership Program for Mississauga and Brampton
The Government of Canada has introduced an Affordable Ownership Program designed to assist low and moderate income residents who are currently renting with the opportunity to qualify for down payment load assistance to buy a home in the Region of Peel (Mississauga, Brampton, Or Caledon).
Receive up to $10,000 towards your downpayment
Approved applicants will receive a loan up to $10,000 to be applied towards a down payment on the purchase price of an eligible home in the Region of Peel.
The loan becomes forgivable on the 20th anniversay date of the purchase of the home ... as long as you are not in default. Basically you need to ensure you are making payings and the government will forget about the loan - the resident would not have to pay it back. It's could be looked at as a Government Grant.
- Maximum Purchase price of $247,000
- Total annual Gross Income of less than $75,800 combined for all purchasers
(example: both spouses cannot make over this cap amount)
The Region of Peel has received funding for approximately 328 affordable homeownership units. And there is a detailed application required, which we can assist in completing for our clients.
Make a Plan Before to be a Home Owner.
Before starting your Home Search we recommend making a quick call or emailing us for the entire package. We can walk you through the process.
While you may qualify for this loan, don't forget you must independently still qualify for a mortgage through a regular financial institution. They will qualify based on Income and Credit Worthiness. Have you checked your credit score lately. That's where we can again assist.
Documents required for the Home Ownership Plan:
1. Income Tax Assessment (copies of your previous year Revenue Canada Income Tax Assessment for each household member who will be considered a purchaser and registered owner.
2. Proof of Income (copies of current income verification)
3. Proof of Identity (2 copies of id, one must have a current photo, ages must be 18 years or older.)
4. Signed Application
Did you know there are other First Time Buyer Incentives?
A. Home Buyers RRSP Plan. Where you could withdraw up to $20,000 per person from your personal RRSP
B. If you purchase a resale home, you could be eligible for a Rebate on the Land Transfer Tax.
If you'd like more information give us a call at 905-896-3333 or contact us