Have you dreamed of owning a property but do not have enough funds for a down payment?
Region of Peel is happy to announce Home in Peel Affordable Ownership Program. This program is designed for low to moderate income families who are currently renting and would like to purchase a property up to $280,000
This program will assist eligible applicants who have a total gross (pre-tax) household income of $80,000 or less to purchase a home in the Region of
Peel (Brampton, Caledon or Mississauga) that does not exceed a purchase price of $280,000.
- Applicants must be 18 years of age or older
- 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 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 Canada Mortgage and Housing Corporation (CMHC) approved and insured lender 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
The down payment loan is for a 20-year period and no interest is charged if:
- The home remains the sole and principal residence of the owner. The home is not to be rented, leased or sold in the 20-year period.
- On the 20th anniversary date of the agreement, the loan is automatically forgiven provided there has been no default.