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Down Payment Assistance from Region of Peel

The Region  of Peel has a Down Payment Assistance program under Affordable Home Ownership Program. The highlights of program are as under:

 

Eligibility

           Applicants annual income should be $75,800 or less to purchase a home in Region of Peel.

          Purchase price should not be more than $247,000.

          The property should be a principal residence not rental. The client must not own any other property.

          Duplex, triplex or mobile home do not qualify under this program.

Limit

          The down payment assistance will be up to a maximum of $10,000.

Repayment

          The down payment is for 20 year period. The home cannot be sold, leased or rented in the 20-year period.

          On 20th anniversary date the loan is automatically forgiven.

          If the home is sold in 20-year period and there is value increase, the down payment must be repaid plus 5% of the capital gain.

If the home is sold less than the purchase price then the principal is forgiven.

With today’s low interest rate and lower prices, this is an excellent time for first time home buyers to enter the real estate market. Let me show you how.

Click here to obtain additional information about the program.

For Homes for Sale in Meadowvale, Mississauga, Brampton and Oakville see Sell My Home in Mississauga Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my Find Your Dream Home Site

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