Home Ownership Assistance Program

It is always nice to have assistance for home owners. We support the Affordable Homeownership Assistance Program offered by the City of London. If you are considering buying or selling - it is time to call The Grants 519-667-1800. Be sure to listen to The Grants on the Homeshow with Mike Stubbs, NEWSTALK Radio 1290 CJBK.begining January 8, 2011.

Life Is A Gift -- Ride It Like You Stole It!

The Corporation of The City of London

May 20, 2010

FOR IMMEDIATE RELEASE

Homeownership now made easier

The City of London is pleased to announce it will offer the Affordable Homeownership Assistance Program again this year. This very successful program consists of an interest free loan for qualifying home buyers to assist with down payment and closing costs.

To be eligible, households must have a gross household income of $55,000 or less, and must be approved for a mortgage at a recognized financial institution. The selling price of the home must be no higher than $140,000. New this year is an increase to the closing cost assistance, which has been raised to 3% from 1%.

The Homeownership Assistance Program is a partnership between the Government of Canada, the Province of Ontario and the City of London through the Canada-Ontario Affordable Housing Program (AHP) which offers low-to-moderate income earners the opportunity to purchase a home in London and Middlesex County.

The federal and provincial governments have set a deadline of December 31, 2010 to expend the funding allocated to the City of London.

 

About the Program

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.

Applications are accepted on a first-come, first-served basis. Those selected purchasers must find a suitable home priced up to $140,000 by the provincial deadline of December 31, 2010, (the actual closing date of the sale may be after that date).

View full details on the program and the application package. More information is available by calling 519-661-2500 ext. 5523.

 

 

 

 

 

 

 

 

 

via london.ca