Home Ownership Assistance Program
Good news for London's low-to-moderate income earners! This year, the City of London offers again the Affordable Homeownership Assistance Program. This successful program consists of an interest free loan for qualifying home buyers to assist with downpayment and closing costs.
To be eligible, households must have a gross household income of $55,000 or less, and must be approved for a mortgage at a recognized financial institution. The selling price of the home must be no higher than $140,000. New this year is an increase to the closing cost assistance, which has been raised to 3% from 1%.The Homeownership Assistance Program is a partnership between the Government of Canada, the Province of Ontario and the City of London through the Canada-Ontario Affordable Housing Program (AHP) which offers people with low-to-moderate earnings the opportunity to purchase a home in London and Middlesex County.
The federal and provincial governments have set the deadline of December 31, 2010 to expend the funding allocated to the City of London