Frequently Asked Questions
- What is the Home in Peel Affordable Home Ownership Program?
- How much is the maximum house price I am eligible to purchase under this program?
- What types of homes are eligible for purchase under this program?
- How much is the down payment assistance available under this program?
- Does the home have to be located in the Region of Peel?
- Am I allowed to have a guarantor for my mortgage or financing approval?
- Who is responsible for lawyer’s fees and other associated closing costs for the purchase of a home?
- Are there any program timelines or rules in regards to closing dates?
- Is there a Loan Agreement for the approved purchasers to sign?
- When is the approval regarding the down payment loan funds the purchaser will receive final?
- Is this a rent-to-own program?
- How long do I have to live in my home for the down payment loan assistance to become forgivable?
- If I sell my house before 20 years do I pay back the down payment loan?
- Will I be required to complete on-going documentation for the Region of Peel?
- Is there an end date to this program?
- How do I apply to the Home in Peel Affordable Ownership Program?
What is the Home in Peel Affordable Home Ownership Program?
The Home in Peel Affordable Ownership Program is designed to provide low-to-moderate income residents who are currently renting a unit the opportunity to qualify for down-payment loan assistance to purchase a home. This program will assist eligible applicants who have a total annual 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.
How much is the maximum house price I am eligible to purchase under this program?
The maximum house price under the program for the Region of Peel is $280,000. If you are not pre-approved for a mortgage of this amount, then the lower amount you have been pre-approved for by a lender would be your maximum purchase price for a home.
What types of homes are eligible for purchase under this program?
Due to the unpredictability of closing dates, new homes will not be eligible for purchase under this program. Resale homes which are modest in terms of floor area and amenities are acceptable. Eligible homes are for single families only and not to be purchased for investment opportunities. Purchasers may purchase detached and semi-detached homes; town (condo or freehold) homes; stacked or row homes; or high-rise condo units. Duplex, triplex and mobile home units do not qualify for purchase under this program.
How much is the down payment assistance available under this program?
Up to $15,000 is available, to be applied only to the down payment of the purchase price of an eligible home.
Does the home have to be located in the Region of Peel?
Yes. The home must be located within the boundaries of the Region of Peel. This includes Brampton, Caledon and Mississauga.
Am I allowed to have a guarantor for my mortgage or financing approval?
No. Only purchasers who are listed on the program application and loan agreement who have been approved for program participation are eligible as mortgage and title holders. No guarantors are allowed for mortgage or financing approval under this program.
Who is responsible for lawyer’s fees and other associated closing costs for the purchase of a home?
You, as the eligible purchaser, are solely responsible for all closing costs and lawyer’s fees associated with the purchase of a home. This includes the costs associated with a home inspection prior to the closing date of your home; any land transfer costs; title search fees; possible land and/or municipal property tax payments; or any other anticipated or unanticipated costs incurred during the purchase process.
Are there any program timelines or rules in regards to closing dates?
Yes. All approved applicants have 120 days to bring a firm offer of Purchase and Sale to the attention of the Region of Peel representative after initial program eligibility approval has been received.
All closing dates are to be at least 30 days after the firm offer has been made/accepted in order to accommodate sufficient time for internal Regional processes.
Initial program eligibility approvals are conditional upon and subject to final mortgage insurance under-writing approval.
Is there a Loan Agreement for the approved purchasers to sign?
Yes. Approved purchasers must sign a Loan Agreement with the Region of Peel prior to their firm closing date and the transfer of any approved down payment funds under this program.
When is the approval regarding the down payment loan funds the purchaser will receive final?
The conditional approval letter given to eligible purchasers by the Region of Peel during the process is a conditional approval only until final mortgage insurance under-writing review is conducted and approved.
If denial is received at the final under-writing stage of the home purchasing process, the Region of Peel will not be responsible for any costs, losses or liabilities that are or may be incurred by the individual purchaser.
The purchaser would no longer be eligible for participation in the Home in Peel Affordable Ownership Program, and as a result, would not receive the down payment loan assistance.
Is this a rent-to-own program?
No. Home in Peel is not a rent-to-own program but a down payment assistance program.
You must get approval for a mortgage through a lender and receive program participation approval from the Region of Peel. A lender will ensure that you qualify financially to purchase a home and to pay the monthly mortgage payments.
How long do I have to live in my home for the down payment loan assistance to become forgivable?
The purchaser must remain in the home for 20 years after purchase without any default, which includes that the home remains the sole and principal residence of the purchaser.
If I sell my house before 20 years do I pay back the down payment loan?
Yes. Should you as the purchaser not remain in the home as your sole and principal residence for the complete 20 years after your purchase date then this is considered a default.
The down payment loan amount plus 5% of the appreciation would be due upon closing to the Region of Peel.
Will I be required to complete on-going documentation for the Region of Peel?
Yes. Completion of annual review forms during the 20 year affordability period will be required for all program participants. Additional information may also be requested for program verification purposes.
Is there an end date to this program?
This program has a time limit and associated limited funding. As a result, this program will be offered on a first-come, first-serve basis until the funding is exhausted.
How do I apply to the Home in Peel Affordable Ownership Program?
Interested applicants can call Peel Access to Housing at 905-453-1300 to request an application for the Home in Peel Affordable Ownership Program.
- Download and fill out a Home in Peel Application Form (PDF)
When submitting your application, you must include the following attachments:
- Copies of your previous tax year Revenue Canada Notice of Income Tax Assessment (Notice of Assessment) for all purchasers
- A mortagage pre-approval from a Canada Mortgage and Housing Corporation (CMHC) approved and insured lender
- Copies of income verification (e.g. pay stubs, job letters, pension cheques, T4) for all purchasers
- Proof of identity (two copies of identification, one of which must have a current photo on it)
- Landlord’s letter/proof of renter status
- Signed application form
Revised: Tuesday February 07 2012
