Buying real estate most of buyers need to borrow some amount to be able to close a transaction. In these cases, purchase of real estate goes together with financing that creates constant communication between home-buyers and mortgage professionals until the deal is closed.
Our brokerage works closely with Oxana Petrenko, mortgage agent, and we asked Oxana to share some knowledge about mortgage programs that many of us are not aware of. Here is one of them:
“The Affordable Home Ownership Program is being delivered by the Region of Waterloo on behalf of the Federal and Provincial governments. The program provides qualified low to moderate-income households with down payment assistance loans of 5% of the purchase price of an eligible home (current maximum purchase price is $386,000).
Households must apply to participate in the program, and, if eligible, will be placed on the Affordable Home Ownership (AHO) Waiting List. There are a number of criteria for applications. It is good idea to talk to a mortgage broker about details. The home must be located in the Region of Waterloo, and be approved by the Region of Waterloo. As funds become available, eligible households will be contacted by mail and provided with a Conditional Letter of Commitment.
As a mortgage agent I have access to many lenders who participate in this program. If you would like to know more about this program and be pre-approve for a mortgage, please contact me.”.