A program to help renters become home owners!
The program will assist moderate income rental households in purchasing affordable homes in London or Middlesex County by providing eligible home buyers an interest-free forgivable loan over 20 years, covering up to 5% of the home’s purchase price, to a maximum of $25,000.
Who is eligible?
Program criteria to qualify:
- Applicant must be at least 18 years old
- Applicant cannot currently own a home or residential property
- Total household liquid assets cannot exceed $100,000
- Maximum house price is $500,000
- Maximum income limits are $95,000 (single) or $115,000 (family)
- Applicant must be a renter in London or Middlesex County
- Applicant must occupy the home for the duration of the loan
- Applicant must qualify for a mortgage
- Applicant must pay all closing costs
- All homes must have a home inspection
Loan Terms
- Loan is interest-free and forgivable over 20 years
- Principal plus 5% capital gains must be repaid if sold or defaulted
- Loan is fully forgiven on the 20th anniversary if no default occurs
How to apply
Please fill out the form below and answer the following questions:
- Are you currently gainfully employed?
- Approximate household income before taxes
- Are you currently renting?
- Monthly rental payment
