| AM I ELIGIBLE FOR A LOAN? |
• be Aboriginal Canadian, including First Nations (status or non-status), Metis or Inuit
• be 18 years of age or older
• be currently renting or living with family/friends
• intend to live in the house you purchase as a principal residence
• have a household income no higher than $78,200
• be pre-approved for a mortgage
• must not own land or have an interest in any other property located off-reserve
• must not intend to receive assistance under the Canada Affordable Housing Program
• must purchase a home off-reserve in the GTA priced at or below the Average Resale-Price as listed in Table below.
Maximum House Price Limit* |
|
| City of Toronto | $452,246 |
| Durham Region | $292,271 |
| Halton Region | $467,499 |
| Peel Region | $366,767 |
| York region | $486,602 |
*Average MLS® Resale Price, Fourth Quarter 2009, Source: CMHC |
|
| WHAT SIZE OF LOAN AM I ELIGIBLE FOR? |
| Size of Household* | Eligible Downpayment Loan |
| 1 Person | $15,000 |
| 2 Persons | $20,000 |
| 3 Persons | $25,000 |
| 4 or More Persons | $30,000 |
| *Total number of people including the Applicant/Co-Applicant and all dependents, whether children or adults, and any person over 18 years of age who intends to live in the house, but does not include people who intend to rent from the owner. | |
| HOW DO I APPLY? |
• Attend the Downpayment Loan Program Seminar hosted by MBDC. Seminars will be offered throughout the GTA on an ongoing basis. Call our office to register for a Seminar. Bring your completed Application and documents with you. A Mortgage Broker will be available at all Seminars to process your mortgage application and to confirm on-site if you qualify for a First Mortgage.
• Once you are pre-approved for a First Mortgage, our staff will process your Downpayment Loan Application. They will review it and provide a recommendation on your application to the MBDC Board of Directors. Once the Board has made a decision on your application, staff will notify you.
| Income Verification Documents (include as many as applicable) |
• EI – four consecutive stubs
• Workers Compensation – two consecutive stubs or letter from WSIB stating monthly amount
• Copy of retirement pension cheques or letter from pension administrator
• Current cheque stubs from OW or ODSP
• Current cheque stubs from CCTB, OCCS or other benefits
• Bank statement with amount received in spousal/child support
• Copies of your receipts to your renters
• Copies of statements for all investments showing interest rates
Proof of Aboriginal status includes a Status card, Metis card or letter from an Aboriginal organization.
| When do I have to repay the Downpayment Loan? |
The loan is not repayable until you sell the house, although you may make payments at any time. When you sell your house, the loan becomes fully repayable along with a portion of the Capital Gains. The Capital Gain is the difference between the original purchase price and the sale price. The MBDC portion is calculated by what percentage the Downpayment Loan represents of the original purchase price. Repayments will be used to set up a Revolving Loan Fund. This way, our community will be able to access ongoing assistance to purchase their own homes.
| If you have any questions or need more information: |
• call the GTA Aboriginal Housing Program office at: 416.640.4688
• email us at: housinginfo@mbdc.ca
• check the website at: www.mbdc.ca
| MBDC PRIVACY STATEMENT |
MBDC may collect personal information from you via questionnaires, personal interviews, documents provided by you, and correspondence with MBDC.
MBDC may also collect information from third parties which hold information regarding you which is necessary for MBDC to provide services to you. However, MBDC will not collect information from you or a third party unless you provide it to MBDC voluntarily and knowingly, or consent to the collection from a third party.
At the time MBDC collects your personal information, MBDC will explain how it will be used, and MBDC will only use it for the stated purpose.
If you specifically agree to follow-up contacts by MBDC or ask to receive information from MBDC, MBDC may also contact you from time to time.
At any time, you can view, change or update the information about you which MBDC holds, by contacting MBDC.
MBDC will not share any information about you with anyone outside of MBDC except Dominion Lending Centres, being the mortgage brokers for MBDC, and except when required or permitted by law, or with any agencies or suppliers that need to have access to the information to provide the services you have requested.
We protect your personal information with appropriate security measures, and we require our agency and supplier partners to do the same.