The Homesfirst Homeownership Program (HHP) is designed for families with dependents, including single parent households, with gross household incomes of less than $52,000.
Applicants will be required to take homeownership education. Education components will improve understanding of budgeting, credit, mortgages, home buying and home maintenance. Applicants must be able to qualify for a mortgage and be in good standing with the Saskatchewan Housing Corporation (SHC).
Forgivenable Loans:
- The Homesfirst Homeownership Program offers a forgivable equity loan of up to $20,000 based on a household income and unit price.
- The assistance must be applied towards the cost of the unit to reduce the mortgage. HHP assistance must not exceed 20% of the unit price.
- The equity loan will be forgiven on a pro-rated monthly basis. If the homeowner lives in the home for ten (10) years, the equity loan will be forgiven in full.
- A defeered, low interest loan up to $30,000 for additional downpayment funds.
Modest housing, for this program, is defined as units not exceeding 1200 square feet, cannot have a swimming pool and cannot have more than two of the following: over 2 bathrooms, hot tub, double garage, sauna, fireplace.
New construction or existing units are eligible. Housing may be houses, townhouses, duplexes, apartments style condominiums..
Site updated on July 22, 2008
Important Notices & Disclaimers
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