The City of Hamilton is launching another round of the Down Payment Assistance Program for low- to moderate-income individuals and families who rent and want to purchase real estate in Hamilton. The program is aimed at those who can afford regular mortgage payments but for whom home ownership is out of reach due to the inability to raise a lump sum down payment.
Funding will be issued on a first-come, first-serve basis to eligible participants until the fund is exhausted. Down payment assistance is in the form of a forgivable loan of either 5% or 10% of the purchase price depending on household income and whether the household includes dependents. Applicants must retain the house for a 20-year period after which the loan is forgiven. If the property is sold, or the terms of the loan agreement are breached within the 20-year period, applicants must repay the principal loan amount AND either 5% or 10% (depending on the percentage down payment assistance received) of any capital appreciation.
This program starts Monday March 30, 2015. Limited funds are available through the city. Contact The Golfi Team immediately for details 905-575-7700
**NOTE: This program was an initiative by the City of Hamilton in 2015 and is no longer available! Please call the Hamilton City Hall to find out if any other programs are available.