The Investment in Affordable Housing (IAH) Homeownership Assistance Program is now available!
The Homeownership Assistance Program is an interest free loan providing 5% in down payment assistance to interested eligible applicants in London and Middlesex County only. Qualifying home buyers can also receive another 3% of the cost of the home to assist in paying “closing costs” including legal fees, disbursements and registration on title.
Applicants must be renters, at least 18 years old, must not currently own a home or a residential property in whole or in part (including recreation or cottage property). Post secondary graduate students may qualify to deduct their annual Canada-Ontario Integrated Student Loan payments from their gross annual income.
Eligible applicants can select a home of their choice in the open market in London or Middlesex County only. Eligible applicants must meet all the specified requirements, income criteria and must be qualified for a mortgage at a recognized financial institution. A home inspection by a Registered Home Inspector or an Associate/Applicant Member of the Canadian Association of Home and Property Inspectors is also required.
Applications are accepted on a first-come, first-served basis. Those selected purchasers must find a suitable home priced up to $145,000 by the provincial deadline of March 31, 2012 (the actual closing date of the sale may be after that date).
The Homeownership Assistance Program is a partnership between the government of Canada, the Province of Ontario and the City of London through the Investment in Affordable Housing (IAH) Program.
For more information please contact Judy Rich or to read further qualification details on the program or obtain the application package.