B-Home: A Program for Brantford’s First Time Home Buyers
Entering the real estate market and buying your first home is without a doubt challenging. If you’re scratching your head wondering when/how you will realize your dream of ownership, we recommend you check out Brantford’s program specifically designed for first time home buyers like you!
B-Home (Brantford Home Ownership Made Easier) is a program developed to make home ownership more accessible for first time home buyers from low to moderate income households. The program also hopes to ease the demand for rental housing by assisting renter households to buy affordable houses and encourage developers to build affordable housing.
What does the program offer?
Those qualified for the program will receive down payment assistance for homebuyers through a 5% forgivable loan to a maximum of $20,000 and no interest is charged on the loan.
Who is eligible for the program?
To be eligible for the B-Home program you must meet the following criteria:
-be a first time home buyer
-be of 18 years of age or older
-currently renting in Brantford or Brant County
-have gross household income below $90,000 and assets below $30,000
-be eligible to obtain a mortgage
-agree to register loan on title for 20 years
What homes are eligible?
-new & resale homes
-purchase price cannot exceed $400,000
-must be purchased in Brantford or Brant County
-cannot be a new home which received a development charge waiver to support homeownership for first-time home buyers
What are the conditions for repayment of the down payment loan?
If the home is sold before the 20 year period expires:
-Homeowner is required to pay the original down payment loan plus 5% of the realized capital gain.
-An independent appraisal of the property will be completed at the City’s expense
-A homeowner may agree to voluntarily repay the down payment loan at any time. Interest will not be charged on the repayment amount.
If a purchaser ceases to occupy the unit as the sole and principle residence within 20 years of the date of purchase, it is deemed a sale and the repayment requirements apply.
What are the conditions for non-repayment of the down payment loan?
If the home is sold before the 20 year period expires but the seller experiences a capital loss, repayment would be waived provided the sale meets the following criteria:
-The unit is sold at fair market value (verified by a home inspector paid for by the City)
-The purchase and sale of the unit is an arm’s length transaction
-If the house is sold for less than the original purchase price, the owner does not pay appreciation and the principal is forgiven.
For more details on the B-Home program you can visit this link on the City of Brantford’s website: https://www.brantford.ca/en/living-here/funding-for-home-repairs-and-home-ownership.aspx#Who-is-eligible
Thinking about making a move? Let’s talk!
Give us a call or send us an email if you would like more information on how to buy or sell during this time, we’re happy to help you out!
☎️Office: (519) 304-5323
☎️Manny Munir: (519) 865-7395