The Region of Niagara ownership program offers down payment assistance for homebuyers through a 5% forgivable loan to a maximum of $19,537.
Eligible Buyers
To be eligible for a down payment loan a buyer must:
- Be a Canadian Citizen, Landed Immigrant or have Refugee Claimant Status with no outstanding removal order
- Be 18 years of age or older
- Not own or have an interest in other residential properties or owe arrears to a government assisted affordable housing provider or Niagara Regional Housing (NRH)
- Currently, be renting and looking to buy a sole and principal residence in Niagara
- Have a gross household income below $80,300 and assets below $30,000
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Eligibility of the property:
- New homes (home inspection encouraged)
- Resale homes (home inspection required at buyer’s cost)
- Purchase price cannot exceed $390,755
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Homeowner Assistance
- Homeowners will receive 5% of the cost of an eligible home (maximum $19,537) at the time of purchase closing
- No interest will be charged on the loan
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Conditions for Repayment by Homeowner
The original down payment loan (plus five percent of the increased value of the home) must be repaid if:
- The home is sold before the 20 year period expires
- The homeowner no longer lives in the unit
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How to Apply
- Mortgage Pre-Approval – Please contact a mortgage broker, trust company, credit
union, bank or other qualified lender of your choice to apply for a no cost mortgage
pre-approval. - …more
Funds for this program are very limited.
Complete your mortgage assessment
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