Homeownership in the Niagara Region
2022 has been a difficult year for many Niagara residents who are trying to achieve homeownership.
In many cases, homeownership is out of reach for many people in Niagara as the prices of homes go up while wages stay stagnant.
So what are Niagara residents to do in this day and age if they’re looking to purchase their own home but can’t afford to?
The good news is that there’s a program that makes it possible for many people, who would otherwise be unable to afford a home, to take their first step towards becoming a homeowner.
What is the Grant?
The Homeownership Program essentially provides individuals with the possibility of making a down payment on a home with a forgivable loan.
The purpose of the program is to make homeownership a reality for low to moderate income families in Niagara.
One of the many positive effects that the program has on the housing situation in Niagara as a whole is that it also helps to ease the demand for rental housing.
Those who are eligible for the program can expect down payment assistance through a 5% forgivable loan (to a maximum of $23,408).
How Does it Work?
First off, no interest will be charged on the forgivable loan.
The loan is registered on title in the second position for 20 years – as long the homeowner doesn’t sell the home or refinance the home within those 20 years, then the loan will be forgiven and they won’t have to pay it back.
However, if the homeowner decides to sell or refinance the home, they’ll be required to repay the original loan down payment, plus 5% of the increased value of the home.
The homeowner will also be required to repay the loan if they no longer live in the home within the 20 year period.
Eligibility & Repayment Conditions
Click HERE to see the full list of eligibility requirements and conditions for repayment.
How Can Kevin Help?
I’m here to make this process as easy as possible for you.
I can help you with your pre-approval, which is required in order to be eligible for the program.
After that I can connect you with the appropriate region representative so that you can process the necessary paperwork.
One of the biggest benefits working with a mortgage broker is that you get tailored service specific to your financial needs.
If you have any questions regarding the Homeownership Program, or anything relating to mortgages, feel free to give me a call and I’ll gladly help wherever I can.