AFFORDABLE HOME OWNERSHIP PROGRAM

Turn Your Rent Into Home Equity

For complete details and application package contact Nicole!

What is the Affordable Home Ownership Program?

The Affordable Home Ownership 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 will create the opportunity to purchase Affordable Home Ownership units in the City of London and in Middlesex County.

Although this program is not currently running, programs like this come and go all the time and always have limited funding and only run for a limited time. The best thing to do is to learn about the program now and BE READY for when it does return. Visit www.ZeroDownLondonHomes.com for a Free Report on current programs and how to apply.

I can help you with this - or help you determine if there is a current program that might be suitable for your needs.

In the past, qualified home buyers received down payment assistance of 5% of the cost of the home under the program. The down payment assistance was provided at the time of closing of the purchase and sale of the home.

Qualified home buyers also received another 1% of the cost of the home to assist in paying “closing costs” including legal fees and disbursements, and registration on title.

In this previous program,

No interest will be charged on the AHP 5% + 1% Financial Assistance.

• The AHP loan is an interest free loan for a period of 20 years
• The unit must remain the sole and principal residence of the applicant for the entire 20-year period
• It may not be leased to another party
• The home can be new or resale
• It may have a selling price at or below the maximum selling price set for your municipality
• The home must be modest in size, relative to community standards.

To be eligible for the past Housing Programs, buyers had to meet ALL of the following criteria:

• Must be at least 18 years old
• Must be a renter in the City of London or Middlesex County
• Must not currently own a home or a residential property, in whole or in part, including recreation or cottage property
• Cannot be living in a spousal relationship (including same-sex spousal relationship) with a person who owns, in whole or in part, a residential property including recreation or cottage property
• Must agree not to lease the home or individual rooms in the home and must agree to occupy the home for the duration of the AHP loan agreement
• Must qualify for and be pre-approved for a mortgage at a recognized financial institution and demonstrate they can sustain a mortgage
• Maximum household gross annual income is $55,000 or less (Post secondary graduate students may qualify to deduct their annual Canada- Ontario Integrated Student Loan payments from their gross annual income.)

Once buyers were approved they could select:

• a home of their choice in the open market in the City of London or in Middlesex County provided that it meets with program criteria and requirements developed by the City of London.

In the past the limits were around 150,000 including condos, semi-detached homes, single family homes and even owner occupied duplexes!

• The home to be purchased must be in the City of London or in Middlesex County
• Vacant lots are not eligible
• Homes may be new units (that include a new home warranty) or resale homes
• Homes can be detached, semi-detached, townhouse (condo and freehold), stacked homes, row houses or condo apartments
• The home must be modest in size, relative to community norms, in terms of floor area and amenities
• A home inspection must be undertaken and paid for by the Purchaser
• The Canada Mortgage & Housing Corporation is not able to offer premium free mortgage insurance for the Affordable Home Ownership Program