How to Apply

Program Qualifications

• What is the Affordable Home Ownership Program?
• Participant Eligibility
• Eligible Homes
• The Down Payment Loan
• Repaying the Loan
• Other Costs for the Purchaser
• What is Needed to Qualify for the Home in Peel Program?

What is the Affordable Home Ownership Program?

The Region of Peel’s Home in Peel Affordable Ownership Program is designed to provide low-to-moderate income residents who are currently renting a unit with the opportunity to qualify for down payment loan assistance.

This program will assist eligible applicants who have a total 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.

Participant Eligibility

• Applicants must be 18 years of age or older
• Applicants must not own or have an interest in another residential property
• 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 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

Eligible Homes

Due to unpredictability of closing dates, new homes will not be eligible for purchase under the Home in Peel program.

Participants may purchase:

• resale detached homes
• semi-detached
• row homes
• town (condo or freehold) stacked homes
• high-rise condo units

Duplex, triplex or mobile homes do not qualify as eligible homes under the Home in Peel program.

For a home to be eligible, it must be modest in size relative to the community, in terms of floor area and amenities, as determined by the province or the service manager.

The maximum house price for program participants in the Region of Peel is $280,000.

The Down Payment Loan

The down payment assistance will be $15,000.

Repaying the Loan

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.

Repayment of the loan is required when:

• The home ceases to become the sole and principal residence of the owner.
• The home is sold before the 20-year affordability period.

If during the 20 year affordability period, the property is resold, transferred, or otherwise disposed, and an appreciation in value is incurred, the purchaser will be required to pay back to the Region of Peel the loan and 5% of the appreciation.

If the home is sold for less than the original purchase price, the owner does not pay appreciation and the principal is forgiven (the sale must be at fair market value and must be an arm’s length transaction).

Other Costs for the Purchaser

The purchaser is expected to pay the following:

• Closing costs
• Inspection of the home prior to firm offer of purchase and sale
• Lawyer’s fees
• Land Transfer Tax

What is Needed to Qualify for the Home in Peel Program?

Interested applicants must complete the required application form and return it to the Region of Peel. Applicants need to ensure that all supporting income documentation and verification that is required to determine program eligibility and total household income is attached.

The Region of Peel will be selecting participants on a first-come, first-serve basis. New program participants will be added to the existing program wait list. Although the Region of Peel does expect some down payment loan funds will be returned to the Region’s revolving loan fund, there is no guarantee when this will occur.

The Region will maintain the program waiting list and will call applicants in a chronological order from this list should down payment loan funds be returned in the future and be available for re-disbursement to another eligible program participant.

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