Manitoba Home Buyer Down Payment Assistance Program

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Manitoba Home Buyer Down Payment Assistance Program

Post: # 45907Post Flipping4Profit.ca
Tue Dec 15, 2015 6:04 pm

Manitoba Home Buyer Down Payment Assistance Program

HOMEWorks! is the first pillar of Manitoba’s new, affordable
income housing strategy,HOUSINGFirst.


It is a $104.5 million, three-year fund to increase the supply of affordable housing
in Manitoba through:

• support for the new rental housing, housing
co-operatives and home ownership
• down payment assistance to home buyers
• rent supplements
• renovation options for northern
remote communities

What is the Home buyer Down Payment Assistance Program?


This program helps first-time home buyers access new or recently renovated
affordable housing by providing financial assistance for a down payment.
Down-payment assistance may be provided to new home buyers for homes
funded under the Home Ownership Program in:

• designated target areas to a maximum of five per cent of the sale price, plus a
closing cost allowance

• designated northern non-market areas to a maximum of 10 per cent of the sale
price, plus a closing cost allowance

Where is the program available?

The program is available in designated target
areas and in northern non-market communities.

Who does the program benefit?

The program is designed for:

• low- to moderate-income Manitobans in designated target areas with incomes
at or below the HOMEWorks! maximum household income limit

Who is eligible for funding?

To be eligible, applicants must be able to obtain a mortgage from a bank or other
lending institution. The mortgage term must be set for a minimum of five years.
The contribution amount is earned over a 10-year period, provided applicants maintain
their home as their principal residence.Home buyers are encouraged to take a
homeowner education course, such as that offered by a bank or financial institution.

Where can I get more information about HOMEWorks!?

For more information:

call 945-5566 in Winnipeg

toll-free in Manitoba 1-866-689-5566


www.gov.mb.ca/fs/housing

DISCLAIMER

We believe the information contained in this article to be accurate. It is presented with the understanding that we are not engaged in rendering legal, accounting, or investment advice. When professional assistance is required, utilize the services of a licensed real estate broker, lawyer, accountant, or other consultant as may be required.

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