DANIELS FIRST HOME BOOST PROGRAM
Daniels FirstHome has an innovative payment plan that is much more flexible and achievable in the midst of today’s fluctuating new mortgage rules. With locations throughout the Toronto area, this builder offers condos and townhomes in attractive neighbourhoods aimed at first-time home buyers.
The program offers an interest-free, 20-year forgivable loan for 10% of the down payment that, when added to the 5% that you need to put down, “boosts” your down payment to 15%. On top of that, you could also qualify for an additional $25,000 in financing. And wait, I’m not done yet. You don’t even have to have the whole 5% up front. All you need to get started is $3,500 when you sign the Agreement to Purchase and Sale, and then you can pay $1,000 a month after that until you reach the required 5%!
Waterloo First Time Home Buyer ProgramsAFFORDABLE HOME OWNERSHIP PROGRAM
The Region of Waterloo wants to help renters become home owners, so they created this program that gives qualifying hopefuls a 5% loan to put towards their down payment. This loan is interest free and fully forgivable if you stay in your home for 20 years.
If you’re over 18 and renting, have a combined household income of less than $90,500, and want to buy a house worth less than $386,000 in the Waterloo region, you probably qualify!
There are only a few other existing qualifications:
- You must qualify for a mortgage (apply at your bank or mortgage lender).
- You must not own or have an interest in a home.
- You must be a legal resident of Canada.
- You must intend to have this home as your one and only residence. (you cannot transfer or lease it to someone else).
- You must not owe money to a community housing landlord.
Should you choose to apply for this program, make sure you have all your supporting documents. Both newly constructed and existing homes qualify for purchase, provided they are under the value threshold, but if you buy an existing home, it must undergo an inspection and you must pay for it. Mobile homes also qualify, but title to the land must be included in the purchase.
You must also complete a home ownership training session before the purchase of your home is finalized. Anyone living in the region of Waterloo can participate in this program, including the City of Cambridge, the City of Kitchener, the City of Waterloo, and the Townships of North Dumfries, Wellesly, Wilmot, and Woolwich.
Windsor & Essex County First Time Home Buyer ProgramsHOME OWNERSHIP DOWN PAYMENT ASSISTANCE PROGRAM
The Windsor down payment assistance program traditionally offered a 20-year forgivable loan for 10% of the down payment on a house, but it is currently under review (but coming back!) for this year, so check their website if you’re interested in this program.
Simcoe County First Time Home Buyer ProgramsHOME OWNERSHIP PROGRAM
The County of Simcoe also offers a down payment assistance program aimed at helping low- to moderate-income renters purchase a home of their own and get out of the rental market and free up rental units.
This program also offers a 20-year forgivable loan of 10% of the down payment needed on a qualifying home valued at less than $462,645. As with other programs, the loan is interest free and does not need to be paid back unless you move out of the home before the 20 years is up. Some of the funding is put aside for Aboriginal renters under a twin program, but you must choose one program or the other.
If you are a renter in Simcoe County, including Barrie and Orillia, you may qualify if you meet these basic requirements:
- You must qualify for a mortgage (apply at your bank or mortgage lender).
- You must be a renter (Boarding and/or living with family does not qualify as a renter unless you are staying in a separate rental unit within the home that can be rented out upon your departure.).
- You cannot currently own a home or have any vested interest in a residence/land.
- You must have a combined gross household income at or below $75,100.
- You must have no outstanding arrears with Social Housing in Ontario.
- Your personal assets, including any gifting amounts from friends or family, savings, GICs, etc., cannot exceed $20,000. RRSPs of first-time home buyers count towards personal contributions, as they can be accessed for home purchases.?
- You must be at least 18 years of age, a Canadian citizen, a landed immigrant, or have Refugee Claimant status.
- You must supply photo identification and a birth certificate.
Kingston First Time Home Buyer Programs
HOME OWNERSHIP PROGRAM
Low- to moderate-income renters in Kingston and elsewhere in the County of Frontenac could be eligible to take advantage of this program that offers a 20-year forgivable loan for 5% of the down payment on a home, up to a maximum amount of $15,000.
There are only 10 spots available for this year, so if you are a renter over 18 with a household income of less than $84,800 and would like to purchase a home priced at $300,000 or less, apply quickly! Be aware, though, that unlike similar programs, mobile homes do not qualify under this program.
Here are the basic qualifications for this program:
- You must cover the rest of the costs associated with buying a house.
- You must have the home inspected.
- You must confirm that you continue to live in the home every year.
- Your household assets must be less than $10,000.
- You must be Canadian citizens, landed immigrants or have refugee claimant status.
- You must qualify for a mortgage.
So if you’re interested in applying for this program, as with all programs, make sure you do your homework and keep all your supporting documents up to date and submit them all with your application to ensure you are not eliminated because of an incomplete application.
Lambton County First Time Home Buyer Programs
HOME OWNERSHIP PROGRAM
And would you believe it? The County of Lambton also offers a down payment assistance program. This one is again a 20-year forgivable loan for 10% of the down payment on a house valued at less than $215,000.
If you’re over 18, a renter in the County of Lambton with a household income of less than $84,100, and qualify for a mortgage, you could qualify!
Again, you need to have a home inspection done and you must be a Canadian citizen, permanent resident, landed immigrant, or a refugee living in the County of Lambton. Mobile homes don’t count for this program either.
Chatham-Kent First Time Home Buyer Programs
AFFORDABLE HOME OWNERSHIP PROGRAM
The Region of Waterloo wants to help renters become home owners, so they created this program that gives qualifying hopefuls a 5% loan to put towards their down payment. This loan is interest free and fully forgivable if you stay in your home for 20 years.
If you’re over 18 and renting, have a combined household income of less than $90,500, and want to buy a house worth less than $386,000 in the Waterloo region, you probably qualify!
There are only a few other existing qualifications:
- You must qualify for a mortgage (apply at your bank or mortgage lender).
- You must not own or have an interest in a home.
- You must not owe money to a community housing landlord.
- You must be a legal resident of Canada.
- You must intend to have this home as your one and only residence (you cannot transfer or lease it to someone else).
Should you choose to apply for this program, make sure you have all your supporting documents. Both newly constructed and existing homes qualify for purchase, provided they are under the value threshold, but if you buy an existing home, it must undergo an inspection and you must pay for it. Mobile homes also qualify, but title to the land must be included in the purchase.
You must also complete a home ownership training session before the purchase of your home is finalized. Anyone living in the region of Waterloo can participate in this program, including the City of Cambridge, the City of Kitchener, the City of Waterloo, and the Townships of North Dumfries, Wellesly, Wilmot, and Woolwich.
Peel First Time Home Buyer ProgramsHOME IN PEEL AFFORDABLE OWNERSHIP HOME OWNERSHIP PROGRAM
Aspiring first-time home buyers that live in the Region of Peel, including Brampton, Caledon, or Mississauga, can apply for this program to help them achieve their goal. It offers a 20-year, interest-free, forgivable loan for 10% (up to $20,000) of the down payment on a home. In this program though, only existing homes qualify for down-payment assistance.
Take a look at the qualifications required to apply for this program:
- You must have a total gross household income less than $88,900.
- The maximum house price is $330,000.
- You must be 18 years or older.
- You must attend a mandatory information session.
- You must be a Canadian citizen or have permanent resident status.
- You must not own or have an interest in another residential property in Canada or elsewhere.
- The home must be the sole and principal residence of the purchaser.
- You must currently be renting in Peel and looking to buy a sole and principal residence.
- You must be able to obtain a mortgage pre-approval from a bank/lender that is approved and insured by a mortgage default insurer such as Canada Mortgage and Housing Corporation (CMHC) and must submit it with your application.
- You must be able to pay all additional closing costs.
- You must supply all necessary documentation to the Region of Peel within the required timeframe.
To apply for this program, you must attend a mandatory information session. A home inspection for the home—that you have to pay for—is also mandatory.
Muskoka First Time Home Buyer Programs
MUSKOKA & GATEWAY HOME OWNERSHIP PROGRAMS
Do you think you’ll never be able to own a home because the down payment is just too far out of your reach?
The District Municipality of Muskoka, which includes the Townships of Georgian Bay, Lake of Bays, and Muskoka Lakes and the Towns of Bracebridge, Gravenhurst, and Huntsville, has your answer then. They offer TWO programs to help you reach your down-payment goals.
The first, the Muskoka Home Ownership program hasn’t opened up for applicants yet, but will before summer in this year, so check the website often for updates. The 2017 eligibility requirements are listed below, however.
- Must be at least 18 years old
- Total 2016 household income level must be below $81,100?
- Household assets level must be less than $20,000 (includes: savings, GICs, RRSPs, gifts, and property or land but does not include RESPs or personal vehicles)?
- Purchase price of the home can’t exceed at $295,000.00?
- Can’t currently own or have a vested interest in land or property
- Home must be the sole and principal residences of all applicants?
The second program, Gateway Muskoka, is a program developed as a legacy gift by a local couple who saw that modest-income folk could use a bit of help with the down payment on a home in the Muskoka area.
In this case, down payment assistance loans of up to $20,000.00 are available. The maximum purchase price of a home is $295,000.00. There are a limited number of loans available, so apply quickly!
You are expected to pay all closing costs—not with the down-payment loan—and a home inspection is required. You can find the eligibility requirements below:
- Must be a household buying a sole and principal residence
- Must provide proof of total household income at or below $80,100?
- Must provide proof of total household asset level at or below $20,000 (includes savings, GICs, RRSPs for first-time home buyers, gifts, and property or land but does not include RESPs or items such as vehicles)
- Can’t currently own a home or have any vested interest in a residence/land?
- Must be at least 18, a Canadian citizen, landed immigrant, or have refugee claimant status
- Must provide documentation showing mortgage pre-approval at time of application
Lanark County First Time Home Buyer ProgramsHOME OWNERSHIP PROGRAM
Lanark County also offers a program to give low- to modest-income aspiring home owners the opportunity to own their own home.
If you are over 18, a renter in Lanark County or The Town of Smith Falls, have a household income less than $87,800, qualify for a mortgage, and would like to buy a newly constructed or resale home less than $301,819 in Lanark County or the Town of Smiths Falls, you could take advantage of this program!
Funding is limited however, so applications are limited.
Dufferin County First Time Home Buyer ProgramsHOME OWNERSHIP PROGRAM
Prospective first-time home buyers in the County of Dufferin should jump on this program! It offers interest-free 10% down-payment assistance, up to $45,000, to eligible modest-income renters to help them buy a home.
This could be just what you need to see your home ownership dreams come true, as long as you meet these criteria:
- Must be at least 18 years old
- Must be renter households
- Must be eligible for financing from a financial institution for the first mortgage
- Home must be at or below $455,000
- Home must be within the county of Dufferin
- Home must be the sole residence and not used for rental income
- Must have a gross current household income at or below $90,500
St. Thomas First Time Home Buyer ProgramsAFFORDABLE HOME OWNERSHIP PROGRAM
While St. Thomas also has a home ownership program aimed at helping renters buy their first home, there isn’t enough available information to list here. If you’re interested in learning more about it, call 519-631-9350 ext. 7154, 7143, or 7172.
Niagara City
The Niagara Homeownership Program is designed to help low to moderate income households achieve affordable housing.
They offer a no-interest 20-year forgivable loan to individuals who are currently renting. Down payment assistance is 5% not to exceed $19,537 on qualifying homes within Niagara. Eligible homes may be detached, semi-detached, townhome, duplex or condo but must be modest in size and features.
City Of Brantford
The City of Brantford and the County of Brant have partnered with the government of Canada to give first time home buyers easily-attainable access to affordable housing.
Forgivable (20-year) interest-free loans are given to qualifying applicants seeking to purchase a home within the B-Home district. You can get up to 5% (maximum $16,710) of the closing price to be put towards a down payment for your new home.
Culled from https://showmethegreen.ca/
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