The Niagara region is a fast growing, & developing, yet peaceful region!
Purpose
The purpose of the Homeownership Program is to:
- Make home ownership a reality for low to moderate income households in Niagara
- Ease the demand for rental housing by assisting renter households to buy affordable houses
- Offer down payment assistance for homebuyers through a 5% forgivable loan to a maximum of $33,387.40
- … more.
Eligibility of Applicants:
- Are currently renting in the region on Niagara
- Do not presently own a home or have a vested interest in a property;
- Have a maximum gross annual household income of 95,000 for a 1 person household and below 113,000 for more than 1 person
- Be 18 years of age or older.
- Qualify for a mortgage through a recognized financial institution and provide proof.
- Have personal assets below….
- …more.
Eligibility of the property:
- Homes must be located in the Niagara region
- Resale homes (home inspection required at buyer’s cost)
- New homes (home inspection encouraged)
- Is purchased for a price that does not exceed $667,748
- Is a single detached, semi-detached, …more.
Key points:
- Homeowners will receive 5% of the cost of an eligible home (maximum $33,387.40) which is wire transferred to the lawyer at the time of closing on the purchase of the home
- No interest will be charged on the loan
- …more.
Conditions for Repayment
The original down payment loan (plus five percent of increased value of the home) must be repaid if:
- The home is sold before the 20 year period expires
- The homeowner no longer lives in the home
- …more.
How to Apply
- Mortgage Pre-Approval – Please contact a mortgage broker, trust company, credit
union, bank or other qualified lender of your choice to apply for a no cost mortgage
pre-approval. - …more.