Friday, March 9, 2018 / by Ruth Ballantyne
On the 27th of September the Region of Peel again released its grant for HomeBuyers. This is an opportunity for you to get a downpayment on a house from the Region and have it act as a grant not a loan if you stay in the house for 20 years. Here are the Details:
This program will assist eligible applicants who have a total gross (pre-tax) household income of <80,000 or less to purchase a home in the Region of Peel (Brampton, Caledon or Mississauga) that does not exceed a purchase price of $280,000.
Here are the requirements copied from the Region of Peel Website at http://www.peelregion.ca/housing/home-in-peel/apply/qualifications.htm.
The Region of Peel’s Home in Peel Affordable Ownership Program is designed to provide low-to-moderate income residents who are currently renting a unit with the opportunity to qualify for down payment loan assistance.
This program will assist eligible applicants who have a total gross (pre-tax) household income of $80,000 or less to purchase a home in the Region of Peel (Brampton, Caledon or Mississauga) that does not exceed a purchase price of $280,000.
Due to unpredictability of closing dates, new homes will not be eligible for purchase under the Home in Peel program.
Participants may purchase:
Duplex, triplex or mobile homes do not qualify as eligible homes under the Home in Peel program.
For a home to be eligible, it must be modest in size relative to the community, in terms of floor area and amenities, as determined by the province or the service manager.
The maximum house price for program participants in the Region of Peel is $280,000.
The down payment assistance will be up to $15,000.
The down payment loan is for a 20-year period and no interest is charged if:
Repayment of the loan is required when:
If during the 20 year affordability period, the property is resold, transferred, or otherwise disposed, and an appreciation in value is incurred, the purchaser will be required to pay back to the Region of Peel the loan and 5% of the appreciation.
If the home is sold for less than the original purchase price, the owner does not pay appreciation and the principal is forgiven (the sale must be at fair market value and must be an arm’s length transaction).
The purchaser is expected to pay the following:
Interested applicants must complete the application form and provide all supporting documentation and return it to the Region of Peel.
As funding for this program is limited, participants are selected on a first-come, first-serve basis. Once an application is received, a letter confirming eligibility will be sent within 15 business days. There is no wait list for this program; once all funding has been allocated, all remaining applicants will be notified by letter that the program has ended.
Call me at 905-456-1000 ext 3344 for more details.