The Home in Peel Affordable Ownership Program is designed to provide low-to-moderate income residents who are currently renting a unit the opportunity to qualify for down-payment loan assistance to buy a home in Peel Region.
This program will assist eligible applicants who have a total gross (pre-tax) household income of $80,000 or less to purchase a resale home in the Region of Peel (Brampton, Caledon or Mississauga) that does not exceed a purchase price of $280,000.
Excited? So is everyone else! Get in touch with Tan and or the Tan Team and we’ll explain how this program plus our knowledge in the field of Real Estate can assist you in purchasing your potential first property! Our number is 905-821-3200 or feel free to drop by to meet at our state-of-the-art office for coffee at 6948 Financial Drive, Mississauga, ON L5N 8J4
Bits about what this program has to offer:
- Designed to provide low-to moderate income residents who are currently renting with the opportunity to qualify for down payment load assistance.
- Must be the sole & principal residence and applicant must be able to obtain CMHC approval & submit with their application.
- The applicant must pay all closing costs.
- Down payment assistance up to $15,000.
- 20 year loan period, no interest charged if home remains sole & principal residence & the home is not rented. On the 20th anniversary of the agreement, the loan is forgiven.
- Repayment is required if the home is sold with the 20 year period along with 5% of the appreciation. If the home is sold for less then original purchase price, the owner does not pay appreciation & the principal is forgiven.
- Household income of $80,000 or less purchasing a resale home in Peel that does not exceed purchase price of $280,000.
Update – As of Thursday, September 27, 2012:
The Home in Peel program is now accepting a limited number of new applications.
You will be contacted directly if you are eligible for this wave of funding. Call Tan and or The Tan Team now to find out if you meet the prerequisites for this limited time program!