"GOVERNMENT PROGRAM HELP TO BUY HOUSES WITH NO DOWN-PAYMENT
Peel Region Program is Opening Soon
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.
Home In Peel Program Online Registration Available Tuesday, May 3, 2016
Applications for the 2016 Home in Peel program will only be considered by following the step-by-step process:
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:
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.
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.
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.
Please fill out your information and we will contact you to guide you through the process and help you to get your first home with No Downpayment