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