FREE DOWNPAYMENT for your home!!!

FREE DOWNPAYMENT for your home!!!

You are ready and educated to buy a home, know what you want and can get financing.  The only obstacle in your way is the 5% down payment…

What if I told you there is a way to buy a home and the down payment can be funded by a government program if you qualify?  Sounds too good to be true right?  Well there are a few caveats for you to be eligible for this interest free down payment:

Eligible Buyers

To be eligible for a down payment loan a buyer must:

  • Be a Canadian Citizen, Landed Immigrant or have Refugee Claimant Status with no outstanding removal order
  • Be 18 years of age or older
  • Not own or have an interest in other residential properties or owe arrears to a government assisted affordable housing provider
  • Currently be renting and looking to buy a sole and principle residence in Niagara
  • Have a gross household income below $80,300 and assets below $30,000
  • Be eligible to obtain a mortgage
  • Provide documents to prove eligibility
  • Agree to register loan on title for 20 years

Eligible Homes

  • New homes (home inspection encouraged)
  • Resale homes (home inspection required at buyer’s cost)
  • Purchase price cannot exceed $405,930
  • May be detached, semi- detached, townhome, duplex or condo
  • Must be modest in size and features
  • Cannot be a home in which the buyer or any member of the buyer’s family has an ownership interest

Homeowner Assistance

  • Homeowners will receive 5% of the cost of an eligible home (maximum $20,296) at the time of purchase closing
  • No interest will be charged on the loan

Conditions for Repayment by Homeowner

The original down payment loan (plus five percent of increased value of the home) must be repaid if:

  • The home is sold before the 20 year period expires
  • The homeowner no longer lives in the unit
  • The homeowner agrees to voluntarily repay the loan
  • The homeowner is in default of mortgage or loan agreement

Here is the kicker if you own the home for more than 20 years, you KEEP the down payment and don’t have to pay back a dime!!!

I know it sounds like a dream to have someone give you a down payment for your home. If you qualify for these requirements, contact us at Infinity 8 Realty and we will make this dream into reality!!!

Source: http://www.nrh.ca/

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