This is just an update on an existing program run by the region. They have decided to extend the program one last time to March 6, 2009. They will be selecting about another 185 applicants after that date.
For those not aware, the program provides low to moderate income households with the downpayment loan of 5% towards the purchase of a a home. There are rules that apply and they can be found on the Region's website at <a href="http://www.region.waterloo.on.ca/web/region.nsf/97dfc347666efede85256e590071a3d4/b04441c236936a038525724b006c0434!OpenDocument">www.region.waterloo.on.ca/aho</a>. The application form is on the website as well. The buyers only have until March 30th to enter into an agreement to purchase, but there is no deadline on when the closing must occur.
The main criteria for eligibility include:
1. Maximum family income of $68,000
2. Maximum purchase price of $226,000
3. Presently do not have an interest in a home
4. Plan to live in the home as primary residence.
If you are a renter and have a family income under $ 68,000, it may be an excellent time to buy a home. The downpayment is covered, interest rates are extremely low, and there's a "buyer's market" when looking for a house.
You should call a Prudential agent today and get working through the process. As they say, time is of the essence!