THIS PROGRAM IS CURRENTLY NOT AVAILABLE, SHOULD THE PROGRAM BE REINSTATED AND YOU ARE REGISTERED WE WILL NOTIFY YOU. January 10, 2016 To arrange a no-obligation assessment, contact us by completing the following form…
Due to the overwhelming response for funding under the Canada-Ontario Affordable Home Ownership Program, the City of London has decided to continue this program using City funds. The City has received enough funding to approve approximately 50 purchasers between now and the end of the year (actual home possession dates can be after this).
The City of London Affordable Home Ownership Program will create the opportunity to purchase affordable homes in the City of London which also meets the requirements for the London Community Housing Strategy. Qualifying home buyers can receive down payment assistance of 5% of the cost of the home under the program. The down payment assistance will be provided to eligible purchasers at the time of closing of the purchase and sale of the home. Qualifying home buyers will also receive another 3% of the cost of the home to assist in paying “closing costs” including legal fees, disbursements and registration on title.
No interest will be charged on the AHP 5% + 3% financial assistance. Eligible purchasers will be selected from those who meet the eligibility requirements, income criteria, be eligible for a mortgage at a recognized financial institution and have a signed purchase and sales agreement for a qualifying home. Selection will be on a continuous basis until program funding is exhausted or until December 31, 2010; whichever comes first.
Eligible purchasers may select a home of their choice provided that it meets with program criteria and requirements developed by the City of London.
The 2010 maximum market home value is $140,000.
The home to be purchased must be in the City of London.
Vacant lots are not eligible. Homes may be new units (that include a new home warranty) or resale homes. Homes can be detached, semi-detached, townhouse (condo and freehold), stacked homes, row houses or condo apartments. The home must be modest in size, relative to community norms, in terms of floor area and amenities. A home inspection must be undertaken and paid for by the purchaser.
The Canada Mortgage & Housing Corporation is not able to offer premium free mortgage insurance for the Affordable Home Ownership Program.
To be eligible for AHP 5% + 3% financial assistance; prospective Purchaser(s) must meet all the following criteria: (check off each condition you meet until you have met them all)
□ Must be at least 18 years old.
□ Must be a renter in the City of London.
□ Must not currently own a home or a residential property, in whole or in part, including recreation or cottage property.
□ Can not be living in a spousal relationship (including same-sex spousal relationship) with a person who owns, in whole or in part, a residential property including recreation or cottage property.
□ Must agree not to lease the home or individual rooms in the home and must agree to occupy the home for the duration of the AHP loan agreement.
□ Must qualify for and be approved for committed mortgage at a recognized financial institution and demonstrate they can sustain a mortgage.
□ Have a maximum household gross annual income is $55,000 or less. (Post secondary graduate students may qualify to deduct their annual Canada-Ontario Integrated Student Loan payments from their gross annual income).
□ Have a signed purchase and sales agreement for a qualifying home.