Tag Archives: Canadian Government Grants

Down payment Assistance program starting May 1, 2017 in Nova Scotia

Down payment Assistance program starting May 1, 2017 in Nova Scotia

New Program Helps Nova Scotians Purchase Their First Home

HALIFAX, NOVA SCOTIA–(April 26, 2017) – Professional Real Estate Investors Group (PREIG) Canada | http://www.Flipping4Profit.ca |

First-time home buyers struggling to save enough for a down payment could soon get access to an interest-free loan from Housing Nova Scotia to make their dream of home ownership come true. The governments of Canada and Nova Scotia are investing $1.3 million to fund a new one-year Down Payment Assistance pilot program.

Andy Fillmore, Parliamentary Secretary to the Minister of Democratic Institutions and Member of Parliament for Halifax, on behalf of the Honorable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), along with the Honorable Joanne Bernard, Minister responsible for Housing Nova Scotia, made the announcement today.

Quick facts about Nova Scotia down payment assistance starting May 1st, 2017:

The new Home Ownership Down Payment Assistance Program will help 100-125 modest-income Nova Scotians who are pre-approved for an insured mortgage from an accredited lender, but struggle to save for the required down payment because of their income.

The program will offer interest-free loan of up to five per cent of the purchase price of a new or existing home, to a maximum purchase price of $280,000 in Halifax Regional Municipality (HRM) and $150,000 in the rest of the province.

To be eligible, applicants must have a total household income of $75,000 or less. Based on a sliding scale of household income and house purchase price, the down payment assistance loans can range between up to $7,500 and $14,000 (in HRM). Eligible home buyers will have ten years to repay their interest-free loan. Payments can be waived for the first year to allow new homeowners to adjust to any unforeseen costs.

“This is awesome news for first-time home buyers from Nova Scotia," Navtaj Chandhoke, founder of Professional real estate investors group (PREIG) Canada, said. "This program will stimulate the economy and have ripple effect to associate industries." Saving up for a down payment remains one of the main hurdles for first time home buyers in Nova Scotia.

The purchase price of the home may not exceed $280,000 in the Halifax Regional Municipality (HRM) and $150,000 in the rest of the province.

New home buyers must have good credit and be pre-approved for an insured mortgage by a recognized financial institution.

For an applicant to be eligible for the assistance of Nova Scotia First Time Home Buyer Down Payment Program, the following criteria must be met:

The property is in Nova Scotia, Canada.

The applicant is a first-time home buyer

The applicant is pre-approved for an insured mortgage by a recognized financial institution

The applicant has a satisfactory credit rating

The applicant has reviewed the educational material for first-time home buyers provided by Housing Nova Scotia

The applicant’s total household income is less than $75,000

The applicant has resided in Nova Scotia for at least 12 months

The purchased property must be the applicant’s principal residence; rental properties, seasonal and recreational properties are not eligible.

Nova Scotia First Time Home Buyer Down Payment Program Loans:

The loans are interest-free and are repayable over ten years. Participants may waive their payments in the first year.

The loan must go toward the down payment and cannot be used for financing, closing or other costs.

The down payment assistance loans can range between up to $7,500 and up to $14,000.

Additional Information for Nova Scotia First Time Home Buyer Down Payment Program:

The pilot program starts on May 1, 2017 and loans will be advanced between May 1, 2017 and March 31, 2018.

The program will help between 100 and 125 households based on Federal and Provincial funding of $1.30 million.

The program is based on a first come, first served basis. Unused monies in any area may be redistributed if take up is not on target in any of the four regions.

$250,000 is available through federal-provincial cost-matched funding of the Social Infrastructure Fund to cover interest costs and carrying charges.

The province is also making available $1.05 million in funds that will be loaned to program participants.

Learn more about Forgivable Canadian real estate grants at
www.GovernmentGrantsCanada.ca

2017 Home ownership Down payment Assistance Program Windsor-Ontario Canada

2017 Home ownership Down payment Assistance Program Windsor-Ontario Canada

Disclaimer:

Details contained herein are for informational purposes only and are not to be relied upon as a comprehensive or precise representation of the program, its terms and conditions, or eligibility rules.

The Federal and Provincial governments partnered to fund a Homeownership Downpayment Assistance Program.

It is expected this round of the program can provide assistance to a limited number of households.
Downpayment assistance of 10% of the purchase price of an eligible home,

up to a maximum of $20,850 is provided by a 20-year forgivable loan
registered on title as a second mortgage.

Applicant eligibility criteria include income and asset limits among other criteria.
For additional information, please refer to the Program Information Sheet and sample Loan Agreement at the links provided below.

The program expires when program funds are depleted or on November 30, 2017, whichever occurs first.

2017 Home ownership Down payment Assistance Program Windsor-Ontario Canada
http://www.citywindsor.ca/residents/housing/pages/homeownership-program.aspx

Learn more about Canadian real estate grants at
www.GovernmentGrantsCanada.ca

The Affordable Home Ownership program by Chatham-Kent Housing Services

The Affordable Home Ownership program by Chatham-Kent Housing Services

Affordable Home Ownership

The Investment in Affordable Housing (IAH 2014 Extension), Homeownership Program is being delivered by Chatham-Kent Housing Services on behalf of the Federal and Provincial governments. The Affordable Home Ownership program provides individuals and families with a loan for the down payment on a home.

Applications are now being accepted!

If you qualify, you can receive 7% of the purchase price of a home,

up to a maximum of $7,300. Funding is in the form of a 20 year interest-free loan registered on title.

The home must:

Be located in the Municipality of Chatham-Kent
Have a maximum purchase price of $153,900
Be approved by Chatham-Kent Housing Services Division
Have a home inspection completed by a Registered Home Inspector or Associate/Applicant Member of the Canadian Association of Home and Property Inspectors. The cost of the inspection is at the purchaser’s expense.

To qualify you must…

Be at least 18 years old and currently renting
Not own or not partly own another home or property
Not owe money to a Social Housing landlord
Be a legal resident of Canada
Have a total gross household income of $68,000 or less
Be eligible for a mortgage at a recognized financial institution
Intend to have this home as your one and only residence (you cannot transfer or lease it to someone else)

How do I apply?

Read the CKHS Home Ownership Fact Sheet
Complete and sign the CKHS Home Ownership Application Form
Deliver or mail your completed application form to CKHS with all of the required supporting documents

For a copy of the application:

Call CKHS to have an application mailed to you
Visit the CKHS office during regular office hours: Monday to Friday (excluding holidays) 8:30 a.m. to 4:30 p.m.
Note: Details are subject to change at the discretion of the Chatham-Kent Housing Services Division (CKHS) and per the requirements of the Ministry of Municipal Affairs and Housing.
Be sure to check back regularly for updates!

The Affordable Home Ownership program by Chatham-Kent Housing Services
https://www.chatham-kent.ca/HousingServices/housingprograms/Pages/HomeOwnership.aspx

Learn more about Forgivable Canadian real estate grants at
www.GovernmentGrantsCanada.ca

City of Peterborough Home ownership Assistance Loan Program 2017

City of Peterborough
Home ownership Assistance Loan Program 2017

Starts April 3, 2017

 

 

 

 

 

 

 

 


The City of Peterborough is offering a
$15,000 loan to assist with a down payment

. The eligibility criteria for this Program include, but are not limited to, the following:

Applicants:

Are currently renting (as defined by the Residential Tenancies Act,2006);

Do not presently own a home or property;

Do not owe money to a social housing landlord;

Have a gross annual household income up to $78,400;

Will use the purchased home as the sole and principal residence;

Qualify for a mortgage from a qualified lender; and

Are at least 18 years old.

The Home:

Is purchased for $300,000 or less;

Is a single detached, semi-detached, townhouse, row, or apartment unit
(freehold or condominium);

Is inspected by a professional home inspector (resale homes); or

Is covered under the Ontario New Home Warranty Program (new homes);

Is located in the City or County of Peterborough; and

Is of a modest size (approx. 1100 sq. ft for a 3 bedroom home).

[b]Application Process:[/b]

Step 1

Household eligibility approval

Mortgage pre-approved by qualified lender

Homeownership Education complete

Step 2

Requires signed-back Agreement of Purchase and Sale dated at least 5days
later then the date of your Step 1 Eligibility Approval Letter and with a
minimum of 30 days notice of the closing date

Signed-back Loan Agreement to receive loan upon closing

Other Key Points:

The loan is forgiven if the home
is the sole and principal residence for 20 years, but is otherwise repayable.

The loan is registered on title as a second mortgage on closing.

Canada Mortgage and Housing Corporation (CMHC) mortgage insurance treats the
$15,000 loan as equity.

Additional funds may be available to
applicants moving out of social housing.

Household assets, including any gifting amounts from
friends or family, savings, GICs etc. cannot exceed $15,000.

RRSPs do count towards personal assets
if they can be accessed for home
purchases as per Canada Revenue Agency guidelines.

The loan amount may be decreased if
$15,000 is greater than 10% of the purchase price.

Loans will be offered, subject to availability, on a first-come, first-serve basis.

The Program ends when funding has been allocated or December 1, 2017

Peterborough Renovates Program (PRP)

Peterborough Renovates Program (PRP)


 

 

 

 

 

 

 

 

 


The Peterborough Renovates
Program (PRP) is a home repair
program.
It helps low to moderate
income homeowners afford home
necessary repairs and upgrades.
This can include energy and
accessibility work.

Funding comes from the federal
and provincial governments.
The
whole program is called the
Investment in Affordable Housing
program.
The City of Peterborough has a
contract with Habitat for Humanity
to delivery PRP.
This means that
staff at the Habitat office handle all
applications and questions.

Yes, funding is limited.
Funding is provided to
qualifying applicants on a
first-come, first-served basis.
When funding has been used for
the current year, applicants may
be placed on a wait list.

This program can help
homeowners in both the City
and County of Peterborough.

You must meet all program
requirements to be an eligible
applicant.

There are
household income
and house value limits.

Applications will be processed
as funding is available each year.

PRP may be expanded to
include a component for
multi-unit residential projects in
the future. This is at the
discretion of the City.

Repairs and upgrades that may be
eligible under this program include:

Fire and life safety related

Foundation and structural

Heating and ventilation systems

Insulation

Windows and exterior doors

Roofs and eaves

Septic systems

Water supply systems

Electrical / plumbing

Accessibility related
The Program Guidelines
lists the types of eligible repairs.
Security type upgrades are included
in the program.

A household can receive no more
than $25,000 through PRP.
This could include a grant for up to
$5,000 for accessibility work.

The applicant must pay for any
costs greater than the approved
project amount

These loans are “forgiveable” with
a term of 10 years.

“Forgiveable” means that you do
not need to pay anything as long
as you continue to meet the terms
in your loan agreement.
All loans will be registered as either
a Mortgage or a Notice on Title.

Contact
Habitat for Humanity
Peterborough & Kawartha
Region for an application. Habitat
is the delivery agent for PRP.
This means they handle all
applications for the program.

Phone:
705-750-1456 or 1-855-750-1456

Email: louise@habitatpkr.ca

Check out the website for more
information:
www.habitatpeterborough.ca/peterborough-renovates

Their office hours are Monday to
Friday from 9:00a.m. to 4:00p.m.