The City of Peterborough have confirmed that they are planning on offering the Homeownership Assistance Loan Program again this year – it is set to open in April.
If you wish to apply, you should look to get things in place now. The information below is taken directly from the City of Peterborough website.
Homeownership Assistance Loan Program
This program aims to help eligible renters buy a home in the City or County of Peterborough. The application process for the Homeownership Assistance Loan Program is currently closed. We plan on offering the program again in April 2017. Applications will be made available at that time.
If you are thinking of applying in April, you can do a few things to prepare:
- Get written mortgage pre-approval from a CMHC approved lender;
- File your 2016 income tax return (make copies of 2016 T1 General or 2016 Notice of Assessment);
- Make copies of two pieces of government issued identification (to verify your status in Canada and that you are at least 18 years old) – one piece must be photo ID;
- Get written verification that you are currently renting;
- Review the information at CMHC’s Home Buyer education website; and
- Keep checking this website or call 705-742-7777 extension 4663 (HOME) for updates.
If there are multiple adults in your household, please prepare copies of their identification and 2016 T1 General/Notice of Assessment to verify status in Canada, age, and total household income.
There is no waiting list for this program. Subject to availability, loans are offered on a first-come, first serve basis. The Program ends when funding has been allocated, or December 1. Program updates for 2017 will be uploaded when available.
Note: Funds have been provided by the Government of Canada and the Province of Ontario.
One of the previous requirements for this program was that the home you wished to purchase had to be inspected by a professional home inspector.
If you do apply and are accepted under this program, be sure to contact us to book your County Home Inspection.
You can contact us at 705 957 3642 or firstname.lastname@example.org