Becoming a homeowner

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 $88,900 or less to purchase a resale home in the Region of Peel that does not exceed a purchase price of $330,000.

Applications for the 2016 Home in Peel program will only be considered by following the step-by-step process:

1. Register and attend a mandatory information session.

Interested applicants are required to register online and attend a mandatory information session to be eligible for the program.

The information session will provide you with:

  • Overview of the Home in Peel program
  • Instruction on how to successfully complete an application
  • Information on assessing your housing needs, mortgages and the home buying process

How do I register for the information session?

Registration is limited and will be on a first-come, first-served basis. Once you successfully register, you will receive confirmation and other details about the session

2. Submit completed application and ALL required documents.

Only registered attendees at the mandatory information session will receive an application form and will be eligible to apply.

Only fully completed applications with all required information and documents will be considered.

If you are considered eligible for the program, you will receive a letter confirming your eligibility and a Homebuyers Package. Review the entire package and share the information with your realtor, financial institution and lawyer.

3. Secure an offer on an eligible home within 120 days.

You and your Real Estate Agent will work together to find an eligible home in Peel Region that does not exceed $330,000.

Before placing a conditional offer on a home, you must contact the program administrator to confirm if funding is available. Being eligible for the program does not guarantee funding.

Once funding has been confirmed by the program administrator, you can proceed to secure first mortgage financing. The Region's loan will be registered on title to the property as a second mortgage. Do not waive your financing condition until you have confirmed that your bank/first lender will allow secondary financing.

At least 30 days prior to your closing date, you must submit a firm Agreement of Purchase and Sale and your mortgage commitment. Closing dates earlier than 30 days will not be funded.

Funding approval is considered conditional until final first mortgage insurance under-writing review is conducted and approved. Program funding is limited and may not be available at the time of a conditional offer.

4. Close your housing deal.

The Region of Peel's legal team will work directly with your lawyer to complete the required paperwork to finalize the loan.

Possible Fall launch

In 2016, the Home in Peel program may have a second application launch in the fall. Please visit our website in August for updates on the next application opportunity.

Questions about Home in Peel?

Home in Peel Affordable Ownership Program

We are physically located at

7120 Hurontario St.
Mississauga ON L5W 1N4

To send regular mail, please use the following address:

Region of Peel - Human Services
PO Box 634 RPO Streetsville
Mississauga, On L5M 2C2 [View Map]

Call 905-791-7800 ext. 3589

email us.

More Details and Qualifications>>

 

 

Revised: Wednesday May 25 2016

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