Peel Home Ownership Program

Residents of Peel region may be eligible to use the Region of Peel’s Home in Peel Affordable Ownership Program. Peel region has received almost 3 million dollars to be used for downpayments on home loans.

The Region of Peel’s Home in Peel Affordable Ownership Program can help low to moderate income residents who are renting a condo or home to be able to buy a home or condo. This program can help those with a total annual income of $75,800 or less. Participants can buy a home in the Region of Peel (Brampton, Caledon or Mississauga) which does not exceed a purchase price of $247,000.

Program applicants must fill out an application available from the Region of Peel and return it to their offices at 10 Peel Centre Dr. Brampton, Ontario. The Region of Peel will be selecting participants on a first-come, first-serve basis.

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Program Eligibility

Applicants must be 18 years of age or older and do not own or have an interest in another residential property. The intended home or condo must be the sole and principal residence of the purchaser and the applicant must be currently renting. The applicant must be able to obtain a mortgage and demonstrate an ability to pay it and any additional closing costs. All necessary documentation must be available to the Region of Peel.

Homes and Condo that Are Eligible

New homes and new condos are not eligible for purchase or are duplex, triplex, or mobile homes. They must be resale detached homes, semi-detached, row homes, townhouses (condo or freehold), stacked homes or hgh-rise condos.

The Down Payment on the Home in Peel Loan

The down payment assistance is available to a maximum of $10,000.

Repaying the Loan

Down payment assistance is available for up to a 20 year home loan. No interest applies if it meets certain requirements. Repayment of the assistance loan must be made if the home is sold before 20 years and if the participant is no longer the principal resident of the home. Capital gains interest applies if the property is sold for more than the original purchase price and 5% of the Capital gain amount.

Canada-Ontario Affordable Housing Program

The Ontario Affordable Home Ownership Program is one of four components of the
Canada-Ontario Affordable Housing Program.

Mississauga Homes for Sale

Get the best assistance in buying or selling properties and homes in Mississauga. If you're interested new Mississauga homes, Port Credit homes, Milton homes, or Erin Mills homes, contact us now. We have many contacts with builders in these communities. Check our home listings page. We may be able to help you with new homeowner programs and assistance in applying for mortgages. 2010 is going to be a great year for many looking for homes in the Mississauga and Milton area.