How Does Down Payment Assistance Work?
The Creating Homes down payment assistance is an amount equaling 10%* of the purchase price which increases the down payment significantly reducing the mortgage amount and limiting the minimum deposit to only 5%, even if you are not a first-time buyer.
This down payment assistance is reimbursable in the following situations:
- The end of the amortization period of the initial loan
- An increase in the loan
- The rental or lease of the property
- The resale of the property
- The transfer of the property
*Offer conditional on meeting the Creating Homes program's criteria and only applies to owner occupants purchasing a unit in a Creating Homes building.