Amazing Chance to Own for First-Time Homebuyers in Milton!
By Lucas on Apr 24, 2015
If you’re a first-time homebuyer, then Creating Homes should be on your radar. With a few developments in the works, Creating Homes is not only creating homes, but creating an opportunity for affordable homeownership.
Creating Homes is actually a non-profit corporation that has a building model that aims to make the dream of homeownership possible for anyone. Like other top developers in the Greater Toronto Area (GTA) and Southern Ontario, Creating Homes works very closely with urban planners, municipalities, and architects to build unique, vibrant communities. Creating Homes is able to make homeownership more achievable through their partnership with Home Ownership Alternatives Non Profit Corporation (HOA).
Through their partnership with HOA, Creating Homes offers the Purchase Credit program. This program gives homebuyers the option to borrow 10% of the purchase price to put towards the down payment, while at the same time still putting down 5%. So, instead of putting down only 5%, you have 15% down, which will lower your monthly mortgage costs.
The best part about the Purchase Credit is that you don’t pay the 10% back until you sell the home, and even then, you only pay 10% of the appreciation. Let’s look at an example to make things more clear:
Let’s say you purchase a condo valued at $200,000. The Purchase Credit would equal $20,000, which makes your total amount owed for the condo $180,000. Then 10 years later you decide to sell, and you are able to sell for $300,000. This means that your condo appreciated in value by $100,000, so you need to pay 10% of the appreciation in addition to the original Purchase Credit. So, you bought a condo for $200,000 and borrowed $20,000, then sold for $300,000 and paid back $30,000. Throughout that decade of owning your condo, you never had to pay a cent towards your Purchase Credit.
This program opens the doors for so many first-time homebuyers out there who don’t have a lot saved to afford a down payment, but can afford the carrying costs. And you don’t even need to be a first-time buyer to qualify for the Creating Homes Purchase Credit. In order to be considered eligible for the Purchase Credit, you must purchase with the intention of living in the home, qualify for a mortgage pre-approval, sign the Creating Homes contract concerning the mortgage guarantee on the purchase credit, and not have another ongoing agreement with Creating Homes.
One of the condos that Creating Homes is currently developing is Jasper Condos in Milton. This 11-storey condo was designed by Kirkor Architects + Planners, and features a total of 115 units, ranging from 543 to 989 square feet, with floor plans spanning from one-bedroom to two-bedroom+den. Prices range from $187,900 to just over $330,000.
Located at 716 Main Street, Jasper Condos offers incredible views of the Niagara Escarpment from the units’ balconies and rooftop patios. The condo is also steps from the Milton GO Station and a wide array of neighbourhood amenities, including restaurants, shops, grocery stores, schools, and other necessary services.
If you’re interested in learning more about the available units at Jasper Condos, visit the sales office at 1234 Main Street East in Milton (between Thompson road and James Snow Parkway) on the weekend from 12 pm to 5 pm, Wednesday from 12 pm to 6 pm, or on Thursday from 1 pm to 7 pm. You can also call 289-400-2574 for additional information about the condo and the Creating Homes Purchase Credit.
