Could Down Payment Assistance Help You Become a Homeowner?
If saving the down payment is standing between you and homeownership, the City of London’s Homeownership Down Payment Assistance Program may be able to help.
Eligible renters in London or Middlesex County may receive an interest-free loan covering up to 5% of the home’s purchase price, to a maximum of $25,000. The loan is forgiven after 20 years if all program conditions are met and no event of default occurs.
*Limited funding is available. Completed applications are processed on a first-come, first-served basis until the funding has been depleted.
COULD YOU QUALIFY?
You may meet the basic program requirements if:
- You are at least 18 years old
- You currently rent a self-contained home in London or Middlesex County
- Neither you nor your spouse or common-law partner currently owns any residential property
- Your gross household income does not exceed $113,700
- Your household’s liquid assets do not exceed $100,000
- You are eligible to obtain a mortgage through a recognized financial institution
- You can cover your closing costs, legal fees and home inspection
- The home will be your principal residence and will not be rented out
- The purchase price does not exceed $500,000
Previously owned a home? You may still qualify, provided you are currently renting and neither you nor your spouse or common-law partner currently owns a residential property.
HOW THE PROGRAM WORKS
- Review the program requirements and obtain mortgage approval.
- Explore qualifying homes in London or Middlesex County priced at $500,000 or less.
- Make an offer on a suitable home. The City recommends a closing date of at least 30 days to allow sufficient processing time.
- Submit a complete application package to the City of London after making your offer.
- The City reviews your application and determines whether you qualify for assistance.
I can help you understand the home-buying process, explore eligible properties and coordinate with your mortgage professional and lawyer. Final program approval is determined exclusively by the City of London.
YOUR ROADMAP FROM RENTING TO OWNING
Buying a home can feel overwhelming, especially when you are doing it for the first time. This guide explains the major steps, including preparing your finances, obtaining mortgage approval, understanding closing costs, viewing properties and preparing an offer.
EXPLORE HOMES PRICED AT $500,000 OR LESS
Explore currently available homes within the program’s maximum purchase price. Eligible property types may include detached and semi-detached homes, freehold or condominium townhomes, stacked townhomes, row houses and condominium apartments.
Availability changes frequently, and all properties remain subject to the City’s program criteria.
WANT HELP GETTING STARTED?
Complete the form below to receive more information about the program and discuss your home-buying options with Brian Traboulay.
Submitting this form does not constitute an application to the City or guarantee eligibility for the program.
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