Niagara Region Homeownership Program

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.