Affordable Homeownership Program in Niagara Region

For many, owning a home feels like a distant dream. The Welcome Home Niagara Homeownership Program is here to change that by offering support to low- and moderate-income households in the Niagara region. This program not only helps families transition from renting to owning but also alleviates the demand for rental housing in the area.

If you’ve been searching for a way to make homeownership a reality, this guide will walk you through everything you need to know about the program, from its key highlights to eligibility criteria and application steps. Whether you’re a first-time buyer or need assistance navigating the process, you’re in the right place.

At Wilson Mortgage, we’re committed to helping Niagara residents achieve their homeownership goals. Let’s explore how the Affordable Homeownership Program can open the door to your new home.

Program Highlights

The Welcome Home Niagara Homeownership Program provides:

• Affordable Ownership: Eligible buyers can receive an interest-free loan of up to 5% of the home’s purchase price (capped at $33,387.40).
• Support for Developers: The program promotes the construction of affordable housing to meet the growing demand.

This initiative bridges the gap between renting and owning, making homeownership more accessible to households with limited financial resources.

Eligibility Requirements

Personal Criteria for Buyers

To qualify for a down payment loan, applicants must:

1. Be a Canadian citizen, landed immigrant, or refugee claimant with no outstanding removal orders.
2. Be a current Niagara resident, renting in the region for at least six months.
3. Be a first-time home buyer aged 18 or older.
4. Have no ownership or interest in other residential properties.
5. Not owe arrears to government-assisted housing providers or Housing Services.
6. Have a gross household income below:some text
   • $95,000 for single-person households.
   • $113,000 for households with more than one person.
7. Possess personal assets below $30,000, including RRSPs and any gifted funds.

Financial Criteria for Buyers

Applicants must also:

• Be pre-approved for a mortgage by a recognized financial institution.
• Provide a fully executed Agreement of Purchase and Sale within 60 days of receiving a Conditional Letter of Commitment.
• Be able to cover additional costs associated with finalizing the home purchase.

Eligibility Requirements for Homes

Homes purchased under this program must meet the following criteria:

1. Be located within the Niagara region.
2. Undergo a home inspection for resale properties (optional but encouraged for new homes).
3. Have a purchase price not exceeding $667,748 (subject to Ministry updates).
4. Be modest in size and features, excluding mobile homes or multi-residential properties like duplexes or triplexes.
5. Not be a property where the buyer or a family member holds any ownership interest.

How to Get Started

Step 1: Get Pre-Approved for a Mortgage

Contact a licensed mortgage broker, bank, credit union, or other qualified lender for a no-cost pre-approval. Note: Applicants requiring a co-signer or guarantor to qualify for a mortgage are not eligible.

Need help? Wilson Mortgage specializes in helping Niagara residents get pre-approved with ease. Contact us today for personalized mortgage solutions.

Step 2: Submit Your Application

Complete your application and include all required documents:

• Proof of Canadian status (e.g., birth certificate, citizenship documents, permanent resident card).
• Proof of age for all household members.
• Photo identification for the primary applicant(s).
• Bank verification of income and assets, signed by a financial institution.
• Employer-verified income or recent pay stubs.
• Most recent Notice of Assessment from Revenue Canada.
• Proof of mortgage pre-approval.
• Copy of your current lease, rent receipts, and landlord contact details.
• If applicable, a repayment plan for arrears owed to a housing provider.

Incomplete applications will be returned, so ensure all documents are included.

Step 3: Obtain Final Approval

Applications are processed on a first-come, first-served basis until funding is exhausted. Remaining applicants will be placed on a waiting list. Approved loans are registered on the home title in second position for 20 years.

Repayment Conditions

The down payment loan is interest-free but must be repaid if any of the following occurs:

• The home is sold within 20 years.
• The homeowner moves out of the property.
• The home is refinanced for an amount greater than the original mortgage.
• The homeowner voluntarily repays the loan.
• There is a default on the mortgage or loan agreement.

Repayment includes the original loan amount plus 5% of any increased home value.

Why Work with Wilson Mortgage?

Navigating the Affordable Homeownership Program can feel overwhelming, but you don’t have to do it alone. At Wilson Mortgage, we specialize in helping Niagara residents secure the financing they need to achieve their homeownership dreams.

From mortgage pre-approval to guidance throughout the application process, we’re here to support you every step of the way.

Ready to Get Started?

Take the first step toward owning your dream home. Contact Wilson Mortgage today for expert advice and personalized mortgage solutions tailored to your needs. Let’s turn your dream of homeownership into a reality!

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