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Re-launch of London Homeownership Assistance Program

Good news for renters in the London and Middlesex area looking to upgrade to a home. The Investment in Affordable Housing (IAH) -Homeownership Assistance Program has been launched and will be accepting application till March 13th or until funds are depleted. The initiative is meant to aid low to moderate income rental households in purchasing affordable homes and represents a significant opportunity to do so. The program offers financial assistance in purchasing a home with intent to live in it for 20 years.

The program of course comes with a list of conditions. Some highlights of the conditions include:

Must be preapproved for a mortgage at a recognized financial institution and demonstrate they can sustain a mortgage.
Have a maximum household gross annual income is $55,000 or less.
Have a signed Purchase and Sales Agreement for a qualifying home.
The purchase price of the home cannot exceed $145,000
Household assets cannot exceed $20,000

For Full List of qualifications

Through this program, qualifying home buyers can receive 8% of the cost of the home for down payment assistance on an eligible home. Home buyers will also receive the 2% of the cost of the home to assist in paying "closing costs" - including legal fees, disbursements and registration on title. If a home is sold before the 20-year affordability period expires the homeowner is required to repay the original agreed upon IAH 8% + 2% financial assistance plus (+) five percent (5%) of any realized capital gains. If the home is sold after 20 years, there would be no repayment of the 8% + 2% financial assistance or capital gains.

Link to Original Article

Published Monday, February 4, 2013 9:11 AM by Jim Straughan

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