City of London Affordable Home Ownership Program AHP 5% + 3% Financial Assistance

Free Government Down Payment Program - It's hard to imagine, but it's true!

The City of London Affordable Home Ownership Program will give you a 5% down payment and 3% of the purchase price to cover the costs of buying your home.

YOU CAN OWN YOUR OWN HOME and turn your Rent into Mortgage payments.
Don’t let the lack of a down payment stop you.

What is the Affordable Home Ownership Program? The Affordable Home Ownership 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 will create the opportunity to purchase Affordable Home Ownership units in the City of London and in Middlesex County. Qualifying home buyers can receive down payment assistance of 5% of the cost of the home under the program. The down payment assistance will be provided to eligible purchasers at the time of closing of the purchase and sale of the home. Qualifying home buyers can also receive another 3% of the cost of the home to assist in paying “closing costs” including legal fees and disbursements, and registration on title. No interest will be charged on the AHP 5% + 3% Financial Assistance. Eligible purchasers will be selected from those who meet the eligibility requirements, income criteria and are qualified for a mortgage at a recognized financial institution. Selection will be on a continuous basis until program Funding is exhausted. APPLY EARLY!

How Do I Qualify for the City of London Affordable Home Ownership Program?

To be eligible for AHP 5% + 3% Financial Assistance; prospective Purchaser(s) must meet all the following criteria: (check off each condition you meet until you have met them all)

□ Must be at least 18 years old.
□ Must be a renter in the City of London or Middlesex County.
□ Must not currently own a home or a residential property, in whole or in part, including recreation or cottage property.
□ Cannot be living in a spousal relationship (including same-sex spousal relationship) with a person who owns, in whole or in part, a residential property including recreation or cottage property.
□ Must agree not to lease the home or individual rooms in the home and must agree to occupy the home for the duration of the AHP loan agreement.
□ Must qualify for and be pre-approved for a mortgage at a recognized financial institution and demonstrate they can sustain a mortgage.
□ Maximum household gross annual income is $55,000 or less.
(Post secondary graduate students may qualify to deduct their annual Canada- Ontario Integrated Student Loan payments from their gross annual income).

For ALL the details about this FREE Government Down Payment Program and to find out if you qualify for the necessary mortgage financing, just fill out the form below and we’ll be in touch.