Clicked by: Prateek Ahuja
Renters in London and Middlesex County now have a new opportunity to make the jump into homeownership.
The City of London, in partnership with the provincial and federal governments, has launched a program that offers interest-free, forgivable loans to help cover part of a down payment.
Through the initiative, eligible first-time homebuyers can receive up to five per cent of a home’s purchase price to a maximum of $25,000. The loan doesn’t have to be paid back if the homeowner stays in the property and meets program rules for 20 years.
To qualify, applicants must currently rent in London or Middlesex County, have a household income below $95,000 for singles or $115,000 for families, and hold less than $100,000 in liquid assets. They must also be pre-approved for a mortgage and purchase a home priced at $500,000 or less.
City officials say the goal is to help moderate-income renters who are ready to buy but struggling to save for a down payment.
“By helping renters make the transition to homeownership, we’re strengthening our communities and supporting long-term housing stability,” said Scott Mathers, the city’s deputy manager of housing and community growth.
Mayor Josh Morgan said the program is another example of collaboration between all levels of government to make housing more attainable.
Funding will be provided on a first-come, first-served basis until the program’s resources are used up.
More details and application forms are available online at london.ca/hdap
