Down payment Assistance Rural Home ownership Manitoba

[Navtaj Chandhoke]

Down payment Assistance Rural Home ownership Manitoba

Manitoba Housing is offering a new Rural Home ownership Program in select Manitoba communities, excluding urban centres where demand for rental housing currently exists.

Eligible households

You may be eligible for financial assistance if:

You currently rent a home owned by Manitoba Housing in selected rural communities;

You would like to purchase a vacant home owned by Manitoba Housing in selected rural communities;

And

You do not currently own a home or other property.

You qualify for a mortgage from a financial institution.

Household income must not exceed the following limits:

$48,693 for a household without children

$64,924 for a household with children or dependants

$55,996 for a Manitoba Housing tenant household without children (receive 10% down payment only)

$74,662 for a Manitoba housing tenant household with children or dependants (receive 10% down payment only)

The home you purchase from Manitoba Housing will be your principal residence.

Available Financial Assistance

Down Payment Assistance

Qualified applicants will receive financial assistance from Manitoba Housing towards the down payment for the purchase price of the home.

The down payment assistance has two components – one is 10 per cent of the purchase price and the other is 15 per cent of the purchase price.

The 10 per cent amount is forgivable on a pro-rata basis over five years. This means that for each year that you own and live in the home, one-fifth of the down payment assistance will be forgiven. After five years, the loan amount will reduce to zero.

The 15 per cent amount is forgivable after 15 years of continuous ownership and occupancy of the property. This means if you own and live in your home for 15 years or longer, you do not have to pay back the 15 per cent portion of the down payment assistance.

Example

This example shows how the Rural Home

ownership Program works for a house priced at $60,000:

Purchase price: $60,000

Down payment assistance from Manitoba Housing:

10% contribution: $6,000

15% contribution: $9,000

Total value of down payment assistance available from Manitoba Housing $15,000

Mortgage amount required from Financial Institution $45,000

Additional Assistance

In addition to the down payment assistance, qualified applicants are eligible for:

Land Transfer Tax and Fees – paid for by Manitoba Housing,

Important Notes

Under your mortgage agreement with the financial institution where you get your mortgage, you are responsible for all payments.

The amount of financial assistance you receive from Manitoba Housing depends on the purchase price of the home.

Manitoba Housing will inspect the property before the sale and repair all identified health and safety concerns.

Homeowners may apply to Manitoba Housing renovation programs to help with other home repairs.

Ask Us

For more information contact us through the following:

Phone: 204-945-0567 or 204-945-0483 or toll-free at 1-855-201-4624 outside of Winnipeg

Email: hcdrealestateinquiries@gov.mb.ca

In Person: Second Floor-352 Donald Street, Winnipeg, MB R3B 2H8

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.

Speaking Engagements

Navtaj Chandhoke can be your next key note speaker for real estate office meeting or Canadian real estate investment conventions, expos or trade shows. Please contact us for topics and availability.

Please contact us directly at Pam@WorldWealthBuilders.com or 647-393-6100 to set up a session at your meeting or convention.

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