The Region of Peel is offering its residents the opportunity to have up to an additional $15,000 for the downpayment for the purchase of their home. The home must
- be in the Region of Peel (Mississauga, Brampton & Caledon),
- be purchased for $280,000 or less,
- be modest,
- and not be used for rental purposes.
The buyer must be
- currently renting, and
- be able to otherwise qualify for a mortgage,
- not own any other real estate,
- their gross income can not be over $80,000 per year
The successful applicant will have to live in the house for the next 20 years, and keep mortgage payments current or else the money must be returned with an additional consideration for interest. The buyer, once approved must have an approved purchase within 120 days.
Do I have to live there 20 years?
Where in peel (Mississauga) have modest house value less than $280,000?
Why do I have to live there for 20 yrs in the same house? Within peel region is fine.