Help For Renters Is Here!
ABOUT THE PROGRAM: (Limited Availability)
Residents of the Region Peel who are presently renting may be eligible to use the Region of Peel’s Home in Peel Affordable Ownership Program to purchase a home. Peel region has funding pending to be used for down payments on home loans. Please note, there are limited amount of spots available, first come first serve. Fill out the form below or call us to see if you can qualify for the program.
The program helps low to moderate income residents who are renting a condo or home to be able to buy a home. Participants can buy a home in the Region of Peel (Brampton, Caledon or Mississauga) which does not exceed a maximum purchase price of $330,000.
If you know of any one who may qualify, or if you are interested in this program yourself, please contact MyDaddyHomes today for more information.
Program Eligibility for 2016:
- Applicants must be 18 years or older
- Maximum purchase price $330.000
- Applicants must be renting
- Applicants must not own or have interest in another residential property in and outside of Canada
- Applicants must have a total household income not exceeding $88,900
- Applicants must be able to obtain a pre-approval mortgage from Canada Mortgage and Housing Corporation (CMHC) insured and approved Lender
- Applicants must be able to pay for all additional closing costs.
This program works alongside Realtors, Mortgage Brokers and Lawyers to complete this process. The Region of Peel will provide the potential buyers with a $20,000 downpayment for a resale property ONLY. All additional costs for example, lawyer fees, deposit, and any miscellaneous adjustments are responsible from the Buyer. Therefore, you must have at least $5,000 for a deposit on the home. The deposit amount will then be applied to the closing costs.
Homes and Condos that are Eligible:
New homes and new condos are not eligible for purchase or are duplex, triplex, or mobile homes. The homes must be resale detached homes, semi-detached, row homes, townhouses (condo or freehold), stacked homes or high-rise condos.
Repaying the Loan:
The Down payment assistance is available for up to a 20 year home loan. No interest applies if it meets certain requirements. Repayment of the assistance loan must be made if the home is sold before 20 years and if the participant is no longer the principal resident of the home. A 5% capital gains interest applies if the property is sold for more than the original purchase price.