Options makes homeownership more affordable. Let us show you how
One of the ways the Options Ready Program helps you get into homeownership sooner is through down payment support. Our Affordability Calculator shows you how it works.Try the calculator
Read on for articles and guidance on how to get homebuying ready.
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Frequently Asked Questions
We know you have questions about how Options for Homes can help you become a homeowner. We have answers!See all questions
What qualifications are there for Ready Program?Read On
The down payment support available through the Options Ready Program is accessible to anyone looking to purchase a condominium with Options. The only requirements for down payment support are that you can qualify for a mortgage from a primary lender (a tier 1 Canadian bank or credit union), that you make a down payment of at least 5% at the time you sign the purchase agreement, and that you intend to live in the Options home.
What does shared equity mean?Read On
Shared equity is a down payment support program in which you borrow funds to increase the down payment in your home. Increasing your down payment lowers the amount of mortgage you need to obtain from a bank to purchase. This, in turn, lowers your monthly carrying costs and your qualifying income.
Down payment support from The Options Ready Program typically amounts to 10% to 15% of the purchase price of a home. The amount borrowed is secured through a second mortgage. No payments are due on this mortgage until you sell or pay off your primary mortgage (you can pay it off any time), at which point you repay the same percentage that you borrowed.
When you sell your home you repay the lender the proportionate value that you borrowed. For instance, when you receive 15% of your home’s value through the Options Ready Program to supplement your down payment, you will, upon resale, repay 15% of your home's resale value. Once you repay the shared equity mortgage, all the future equity gains in your home are yours.
Do I have to be a first-time home buyer to buy with Options?Read On
No! Anyone who intends to live in their condominium can buy with Options (that means no investors, please!). All you need is your own down payment of 5% and the ability to secure a mortgage with a primary lender by the time of closing. That said, additional levels of down payment support are often available for first-time home buyers through the City of Toronto. Contact us to see if you qualify for additional support.
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