Home in Peel Affordable Ownership Program
Almost everyone dreams of owning their own home. To have a place that is your own, to put a nail in the wall without having to worry about a landlord.
Unfortunately, this dream is out of reach for many young families; the biggest hurdle to home ownership is coming up with the down payment.
Thanks to the Home in Peel Affordable Ownership Program, owning a home isn’t out of reach anymore. Buying a house is the biggest decision a family will have to make so it is nice to know that there are programs out there to help make this goal more achievable.
The ownership program is available within the Peel region, which includes Brampton, Caledon and Mississauga, and it provides a loan of up to $15,000 for the down payment of a single family home.
As you can expect, this is an extremely popular program and therefore all of the grants for 2012 were filled out quickly. Good news is that this program is now open and participants are being selected on a first-come, first-serve basis. Potential homers can now apply for their chance to be approved for this program.
To be eligible for this program you have to have a household income of $80,000 or less and the purchase price of the house should not exceed $295,000.
It is also important to know that this program is strictly for potential owners who are looking to buy a home as their principal residence.
The program is also flexible that participants are able to purchase all types of housing units including:
• Resale detached homes
• Town homes (condominium or freehold) stacked homes
• Row homes
• High-rise condominium units
Falling in love with your potential home will be important because participants who are accepted will have to live in their home for 20 years. After the 20-year period the loan from the program is automatically forgiven.
If the property is sold before the 20-year deadline, the participant will have to pay back the capital loan and 5% of the appreciation.
This program gives people the flexibility to not only own their own home but also build equity into their lives. Anyone who is interesting in becoming a homeowner definitely needs to investigate this program.