The Home in Peel Affordable Ownership Program is designed to provide moderate income 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.
Due to unpredictability of closing dates, new homes will not be eligible for purchase under the program.
Participants may purchase:
Duplex, triplex or mobile homes do not qualify as eligible homes under the Home in Peel program.
The maximum house price for program participants in the Region of Peel is $330,000.
Approved applicants are eligible for $20,000 of down payment assistance.
In the event that the purchase price of the property is less than $200,000, the amount of the loan will be adjusted to equal 10% of the purchase price.
The Region's loan will be registered on title to the property as a second mortgage on the closing date of the purchase of the home.
Applicants must contact their bank/first lender to ensure that they will allow secondary financing.
The loan is for a 20-year period and no interest is charged if:
Repayment of the loan is required when:
In the event of default prior to the 20th anniversary of the loan, the following repayment scenarios may apply.
The attached chart is for reference only. The wording in your loan agreement is the only source for calculating the repayment of the loan.
The purchaser should be aware that they are required to pay additional closing costs that includes, but is not limited to the following:
Interested applicants must attend a mandatory information session. An application form will be provided at that session. Applicants must submit a fully completed application with their supporting documents to the Region of Peel within the required timeframe.
Only registered attendees at the mandatory information session will receive an application form and will be eligible to apply.
Only fully completed applications will be considered.
If you are considered eligible for the program, you will receive a letter confirming your eligibility and a Homebuyers Package. Being eligible for the program does not guarantee funding.
Revised: Wednesday April 06 2016