Important Notice for anyone interested in buying a home and may need assistance with your purchase. The Region of Peel, has opened up their HomeOwnership Program once again. Here are the details regarding the stipulations.
If you may need any further assistance, contact MyDaddyHomes today.
**What is the Home in Peel Affordable Ownership Program?
The Home in Peel Affordable Ownership Program is designed to provide low-to-moderate income residents who are currently renting a unit in the Region of Peel (Brampton, Caledon or Mississauga) 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 that does not exceed a purchase price of $295,000.
Participant Eligibility
- Applicants must be 18 years of age or older
- Applicants must be a Canadian citizen or have permanent resident status
- Applicants 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
- The applicant must currently be renting in Peel and looking to buy a sole and principal residence
- The applicant must have a total gross (pre-tax) household income not exceeding $80,000
- The applicant 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 their application
- Participants may not include anticipated rental income from a portion of the property in order to obtain a mortgage
- The applicant must be able to pay all additional closing costs
- The applicant must supply all necessary documentation to the Region of Peel within the required timeframe
