Region of Waterloo Affordable Home Ownership

  • Region-of-Waterloo-Map

If you are dreaming of owning a home in the Region of Waterloo, this opportunity may be for you.

The program provides qualified low to moderate income households with Down Payment Assistance forgivable loans of 5% of the purchase price of an elegible home

The program Funding for the Region of Waterloo Home ownership program is limited, (Current estimated wait list: 8 months) for a home purchase in the region of a few more first time home buyers families.

The Region of Waterloo Home ownership Program is being delivered by the Region of Waterloo on behalf of the Federal and Provincial governments:

  • Make first time home ownership a reality for low to moderate income households in the Region

Eligibility of Applicants:

  • Must qualify for a mortgage
  • Must be 18-years or older.
  • Be a current resident in the region of Waterloo and have lived in the region for at least the past 12 months
  • Must be a first time home buyer.
  • Not own or have an interest in other residential properties or owe arrears/damages to another housing program.
  • Household income before deductions less than $97,800 …more (Open your account below) 

Eligibility of the property:

  • Single family home, semi-detached, townhouse, (condo or freehold) stacked home, row home, condo apartment,
  • The property must be located in the Region of Waterloo
  • The home can be a resale or new construction
  • Homes with second units are elegible, but triplexes are not
  • For Mobile homes, title to the land must come with the purchase, year round occupancy must be permitted.
  • Purchase price cannot exceed 425,000
  • more

Conditions for Repayment

  • No repayment of the loan if home is sold after 20 years.
  • If the home is sold before 20 year period expires, you must repay the original loan plus
    5% of the capital appreciation
  • more

How to Apply

  • You must qualify for a mortgage
  • Your mortgage agent will process your application
  • As funds become available, households on the waiting list will be contacted, and provided with conditional letter of commitment,
  • You must enter into an agreement of purchase and sale within 90 days from the date of the conditional letter.
  • If selected, you must attend a Home Ownership training.
  • Open your account below

Open your account now