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Down Payment Assistance for First Time Home Buyers in Ontario

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Many people find themselves in a position where they can afford monthly mortgage payments, but struggle to come up with the down payment necessary to own their first home. As a first time homeowner, candidates are required to make a down payment of at least five percent of the purchase price of the home. For a first time home buyer in search of down payment assistance in Ontario, there are a few different options.
If you are looking to become a homeowner, but need assistance coming up with the down payment for a new home, check with your local municipality to see which programs are available in your area. Many municipalities offer affordable housing programs aimed at easing the financial burden associated with saving for and buying a new home.
Prospective homeowners in the Region of Peel can benefit from the Home in Peel Affordable Ownership Program, which helps applicants with a household income of under eighty-eight thousand and nine hundred dollars fund the purchase of a resale home in Brampton, Caledon, or Mississauga. Approved applicants of the Affordable Ownership Program are automatically eligible to receive twenty thousand dollars of down payment assistance.
Choose a qualified Realtor and experienced mortgage professional to help with information for first time home buyer down payment assistance in Ontario.
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Down Payment Assistance for First Time Homebuyers in Ontario


First time homebuyers looking for down payment assistance in Ontario have a few options. Prospective homeowners in the Peel Region may be eligible for the Home in Peel Affordable Ownership Program. This program is designed to provide moderate-income residents who are currently renting a unit in the Region of Peel the opportunity to qualify for down payment loan assistance to buy a home in Brampton, Caledon, or Mississauga. The Affordable Ownership Program allows applicants with a household income of $88,900 or less to purchase a resale home in the Region of Peel that does not exceed the purchase price of $330,000. Approved applicants are eligible for up to $20,000 of down payment assistance, which can help ease the financial burden associated with saving for and buying a home. For more information, visit the Region of Peel website.

 

If you are a first time home buyer and are looking for down payment assistance, be sure to consult with a qualified REALTOR®. They will be able to assist you with any questions you may have and guide you to the affordable housing programs in your neighbourhood so you can move forward with purchasing the house of your dreams!