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Old 2008-12-08, 07:59 PM
GTAbestHOMES GTAbestHOMES is offline
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Join Date: Jun 2008
Location: Aurora
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Default Free downpayment money?

I'd like to pass on some positive news I received about helping some first-time home buyers. This may help some one you know or are working with.

First time home buyers living in Peel may be eligible to receive government assistance up to $10,0000 for a down payment.

Details:

The provincial government has designed an Affordable Housing Ownership Program to help provide low-to-moderate income residents who are currently renting the opportunity to qualify for down-payment loan assistance when they buy a home in Peel Region (which covers Brampton, Caledon and Mississauga).

The program will assist eligible applicants who have a total annual income of $75,800 or less and a purchase price that does not exceed $247,000.

Eligible properties are single-family-resale detached, semi-detached, row, stacked town and high-rise condo homes.

Terms:

The loan is for a term of 20 years and no interest is charged if
- the home remains the sole and principal residence of the owner
- the home isn't rented, leased or sold in the 20 years
- on the 20th anniversary of the agreement, the loan is forgiven if there hasn't been default

The loan has to be repaid if
- the home ceases to become the sole residence of the owner
- the home is sold before the 20 year period

If the home is sold before the 20 year anniversary and there is a value increase, the down-payment must be repaid plus 5% of the capital appreciation.

I hope this information is valuable to someone you know. It's not often that you get an opportunity for free money.
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