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First Time Buyers Program, Government Grants when Buying a Home in Mississauga & Brampton

First  Time BuyerAre you a
FIRST TIME BUYER?

Looking for homes around the $200,000 mark? Earn less than $68,000 per year - Did you know there is a possible Government Loan/Grant to assist First Time Buyers currently renting with up to $8,500 towards their down payment?
 

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 a down payment loan, assistance to buy a home in the Region of Peel.

Receive up to $8,500 towards your downpayment

Approved applicants will receive a loan up to $8,500 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 the government will forget about the loan - the resident would not have to pay it back.   I guess you could call it something like a Government Grant.

  • Maximum Purchase price of $208,000  (updated see below)
  • Total annual Gross Income of less than $68,600 combined for all purchasers
    (example: both spouses cannot make over this cap amount)

Our area 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 so you can become a Home Owner sooner.

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  905-896-3333

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.

When buying your first home, we highly recommend doing as much research as possible to ensure you are receiving every benefit possible to maximize your savings ... every dollar counts when it's your first home!

visit us at www.SuttonRealty.com for helpful Reports or call 95-896-3333 or email info@suttonrealty.com

www.SuttonRealty.com

GOOD NEWS - check out our latest updated Blog on the Peel Affordable Housing Plan - Increased amount of up to $10,000 and they increased the Price and Income category - click here for the update.

http://www.suttonrealty.com/blogs/sutton_realty/archive/2008/08/02/government-help-for-first-time-buyers-in-peel-mississauga-brampton-10-000-loan-assistance.aspx

 

 

 

Posted: Tuesday, June 10, 2008 3:32 AM by Sutton Realty

Comments

Toronto real estate agent said:

This program is clearly aimed on supporting young families. And it always should be the aim of the government to make housing available for young people that moved out of home, are starting a family, etc. As a real estate agentI think that this is definetely a step in the right direction.

# June 29, 2008 6:11 AM
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