Dufferin County Homeownership

Dufferin County HomeownershipThe Dufferin County Homeownership Component program is designed to provide moderate income individuals and families with an interest-free down payment assistance loan to help them in purchasing their own home.

The Dufferin County Homeownership is an affordable housing program and might provide you with an interest-free down payment assistance loan of up to five percent (5%) of the cost of an eligible home, to a maximum of $20,000.00.

 To be eligible for down payment assistance you must be a renter household and meet the following criteria:

  • Combined gross household income at or below $88,000
  • Must not currently own a home or have a legal interest in a property
  • Must be buying a sole and principal residence within the County of Dufferin
  • Have assets of no more than $20,000.00
  • Must not owe any social housing arrears, including damages
  • Be a minimum 18 years of age
  • Be able to secure financing on the property

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The future of Canadian housing

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The future of Canadian housing

The future of Canadian HousingDuring the past decade under the Conservative party, left as a legacy “high home prices”, it may not have been intentionally but as a result of the influence of the so-called economic crisis south of our border.

This depression was attributed in part, to the relaxed regulations handed by the republican party, and perhaps, with the intention of generating a more dynamic housing industry, that did happen, for a short period of time and over faulty grounds of credit, where unrealistic financial capacities to repay mortgages were omitted and loans were approved, but not able to be repaid.

The economic crisis was also fueled by the corporations’ greed, exemplified by their executive’s extremely generous bonuses paid by the shareholders, these main factors came to generate a financial meltdown, that caused the economic depression in the number one economy in the world to which we border with.

In view of the above scenario, we could understand that our conservative government focussed on maintaining a rigid line in our current housing system to protect the home value. Unfortunately, the strategy has not delivered enough availability of the inventory of affordable housing to keep the rest of the home prices low.

The newly elected Liberal government is proposing to increase funds to affordable housing by prioritizing investment in affordable housing and senior’s units, new housing units and refurbish old ones repurposing.

The new Liberal government has also offered, to modernize the existing home buyers plan ti assist the vulnerable affected by sudden and significant life changes.

They will also review the escalating home prices in high-priced markets like Toronto and Vancouver.

I guess we can expect in the short future more affordable home ownership programs like the ones we currently have in Peel region and in Waterloo that could ease the high demand for housing in Toronto that is driving the home prices as high as we are currently experiencing.

We could see that in the next 5 years a slowdown in the rapidly increasing home prices but maybe just enough to keep the prices as they are, but more affordable.

These are my personal views.

Discuss your views here below and contact me for a chat if you like or

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Region of Waterloo affordable home ownership

The Region Of WaterlooRegion of Waterloo affordable home ownership offers to allocate for families and individuals with the 5% down payment in a forgivable loan to help them purchase a home with the intention of living in it.

The residential property must be:

  • In the Region of Waterloo
  • A maximum purchase price of $243,300
  • Approved by the region of Waterloo

To be eligible to qualify for this program families and individuals must:

  • Qualify for a mortgage
  • Have a maximum household income of $73,050
  • Be at least 18 years old and currently renting
  • Not own or have an interest in a home
  • Not owe money to a Community Housing landlord
  • Be a legal resident of Canada
  • Intend to have this home as your one and only residence

This is a limited time, limited funding mortgage product.

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Residential Construction Mortgages

Residential Construction Mortgage

Faster approvals and easy advances

For you who are looking to start a new project and looking for financing options, why not getting faster approvals and easy advances, simply the best lending solution.

Residential Construction Mortgages details: 

  • For builders or borrowers wanting interim financing for a new construction project, for renovating an existing structure and for land acquisition
  • Loan commitments are made at the time of approval and may not exceed 85% of budgeted costs, up to 75% of the land value and may not exceed 65% of Pro-forma appraised completion value
  • Draw advances are easy with support from our Construction Specialist and can be made up to 5 times though the project
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Owner occupied rental

Owner Occupied Rental

The owner occupied rental mortgage offers the flexibility needed to own a property while renting a fraction of it to someone else, so you can use the rental income to help repay your mortgage.

The owner occupied rental mortgage is normally used by small but growing families when their own income alone may not be sufficient to qualify for the property you need.

This type of mortgage gives you the advantage to qualify for a bigger property than what you can afford with your income

Not all properties and not all rental agreements may qualify for this type of mortgage, ask me before buying the property.

The owner occupied rental is available for purchases or refinance.

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Non owner occupied rental mortgage

Non Owner Occupied Rental

The non owner occupied rental mortgage loans help you qualify by adding the monthly rental income to your current income. As a result you are able to purchase or refinance a rented property and let the property pay for itself with the rent

Scenario: You currently have a steady job or business, a decent credit score, some savings but no time to start another business or job, and you would like to earn residual income from a real estate property.

The non-owner occupied rental mortgage is designed for those who would like to become real estate investors.

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New To Canada Mortgage

 

New To CanadaNew to Canada Mortgage is for people who have immigrated or relocated to Canada within 60 months, offers credit record or history flexibility, lower down payment required than a conventional mortgage.

The New to Canada  mortgage is for the new immigrants that have obtained landed status and have not already owned a house It presents the opportunity to start owning a home instead of renting.

The following are some borrower qualifications for the New to Canada Mortgage:

  • High ratio secured mortgage loans with only 5% Down payment from own resources; For LTV’s less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy. (3 years landed immigrant)
  • Or Conventional unsecured mortgage loan with 35% Down payment or more from own resources.
  • Amortization up to 30 years in Conventional & 25 years insured mortgages
  • No 3rd party/Guarantors

  • Number of units, Max 2

  • Must provide valid work permit or verification of landed immigrant status

  • International Credit Report or 2 alternative sources of credit

  • Bank reference letter or 6 months bank statements
  • 3 months minimum full-time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
  • All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)
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Family Plan Mortgage

Family Plan MortgageFamily plan mortgage is a mortgage loan that allows an immediate family member to assist financially another immediate family member in the purchase of a new home

Family plan mortgage is one of the insured, owner-occupied mortgage loans, good credit rating is necessary and both members of the family must be included in the property title.

Family plan mortgage is great for the following examples:

  • A parent who wishes to help an adult entrepreneurial child buy a home

  • A parent helping to buy a home for an adult child at a post-secondary educational facility

  • An adult helping to buy a home for elderly parents who are living on a fixed income

Insured Mortgage Facts:

  • 2+ members of the family purchasing a home

  • All applicants must be on title

  • For immediate family members

Eligible properties:

  • Number of units: Max 2 – at least one should be owner occupied

  • Good conditions property in marketable area in municipality with resale value stability

  • New constructions or existing properties

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Zero down payment mortgage

Zero down paymentZero down payment mortgage is a Mortgage loan offered by only some lenders that offer a 5% cash back, that can be used towards the down payment.

It helps realize the dream of home ownership even before the down payment has been saved.

If you are currently renting and prefer to own your own home, but you haven’t been able to save enough for your down payment, this is your chance call now

To qualify for a Zero down payment mortgage you to have good credit (read below), a steady source of income that can show your capacity to repay the loan, (we’ll do the math together) and savings of about a 1.5% of the value of the property that you are seeking to purchase

These mortgage loans are not available for borrowers that:

  • Are prior bankrupts, consumer proposals, collections or repossession
  • Have high credit cards or other consumer loan debt with no assets and no evidence that they can save
  • Have no assets to show for the length of their working career

 Visit also low credit score mortgage 

* Subject to availability

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First mortgage

First MortgageFirst mortgage is the first loan registered on the real estate title.

Looking to buy your first home?

Save thousands on your first mortgage, know your options & get approved

Other mortgage loans can also be registered on the same property title, they would be called second or third mortgages

Reading the following will help you get approved when applying for your first mortgage

You are excited about buying your home and wouldn’t like disappointments, if this is the case read the following:

  • Is smart to have your mortgage assessment practiced before you start viewing homes, that way you’ll know what you can or can’t afford.
  • Learn about the unique advantages you are entitled to if you are a first time home buyer
  • Learn about your credit and mortgage loans and credit score
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