A good read on the Windsor Essex Real Estate Board’s Website News Section regarding “The Canada-Ontario Affordable Housing Homeownership Program (COAHP)”, recently implemented by the federal and provincial governments. Please visit this page for more info http://www.mah.gov.on.ca/Page5069.aspx
The program provides down payment assistance to individuals and households in Windsor and Essex County. It’s given on a first come first serve basis and expires March 31, 2009 or when program funds are depleted, whichever occurs first.
The Homeownership Program provides eligible purchasers 18 years or older with a 5% down-payment loan to buy a new or resale home. All stages of qualification must be met and begins with a detailed Financial Verification of Income, Assets and Pre-Qualified Mortgage application process. If and when approved, an applicant will receive a Letter of Confirmation confirming they are eligible for program funds.
Down payment assistance is up to five per cent of the cost of the eligible home, to a maximum of $8,000. Eligibility includes renters with a combined annual gross household income at or below $61,400. Combined total maximum household assets must be at or below the value of $20,000. The purchase price of the home cannot be more than $160,000 and can be located anywhere in one of the following municipalities where full municipal services are provided: Amherstburg, Essex, Kingsville, Lakeshore, Leamington, Tecumseh and Windsor.
The home can be new or used and of varying type including detached, semi, row houses, apartments, condominium and mobile homes. Life lease arrangements are not eligible. The program is designed to forgive the loan after 20 years provided the Borrower remains in the home and is not in default under the terms of the loan agreement.
