Let’s face it, home ownership is not as easy to attain as it once was. Down payments are harder to save for and the cost of living has increased substantially. However, there is good news for Brantford, Ontario residents! In partnership with the Government of Canada, the Province of Ontario, the City of Brantford and the County of Brant, the B HOME Program (Home Ownership for First Time Home Buyers) has been developed to provide low to moderate income earners with the potential to purchase a home.
The program is designed to offer 5%, interest-free down payment assistance to first time home buyers. Through it, you can obtain up to $16,710 towards the down payment of your first home.
Do you meet the eligibility criteria?
To be eligible for the down payment loan, potential buyers must meet the following criteria:
- Must be 18-years or older.
- Must be a first time home buyer.
- Do not own or have an interest in other residential properties or owe arrears/damages to another housing program.
- Currently renting
- Household income before deductions must be less than $78,900 and assets must not exceed $30,000.
- Eligible to obtain a mortgage from a recognized financial institution & demonstrate sustainability.
- Have supplied all the necessary documentation to the City of Brantford Housing Department to determine eligibility.
- Must pay closing costs (certain criteria apply).
What homes are eligible for the program?
- New units including conversions from non-residential.
- Resale homeshome (note: a home inspection must be undertaken and paid for by the purchaser.)
- Purchase price cannot exceed $334,200.
- May be detached, semi-detached, townhome or condo.
- Modest in size, relative to community norms.
- Home to be purchased in Brantford or Brant County.
This amazing opportunity is made possible through the Investment in Affordable Housing (IAH) program and is funded by the federal and provincial governments.
For more information, we urge you to visit www.bhome.ca to learn more and get in touch with Brantford’s Housing Department.