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Hamilton Down Payment Assistance Program

As a Hamilton Mortgage Broker, I have been receiving inquiries regarding the Down Payment Assistance Program offered through the city of Hamilton, There seems to be a bit of confusion about this program so I thought I would try to shed some light on it.

After speaking to the Hamilton Housing Clerk and explaining that I was a Hamilton Mortgage broker, they were more than happy to provide the following information that I have summarized for you.

The program was developed for individuals who are currently renting in Hamilton for a minimum of the past six months that may otherwise qualify for a mortgage, however, are lacking a down payment. Other than lacking a down payment they must have the required credit and income to qualify for a mortgage.

To qualify you cannot have interest in a property or have a spouse that has interest in a property.

The program offers a 10% down payment with no re-payment required if you retain ownership and personally reside in the property for at least 20 years. After 20 years it is totally forgiven. If you move out, you will have to pay back the original amount plus an additional 10% of the appreciation in value since purchase.

The purchase price must be no greater than $375,000 and total gross family income cannot be greater than $80,000.

The last time the program was offered was in 2015 and is only offered periodically when adequate funds are available, as it is a “self-funding” program.

To qualify you can download an application by visiting, go the “Homeownership Down Payment Assistant Program” under the Housing page.

Funds are limited so if you think you may meet the requirements, visit the above site, and give your Hamilton Mortgage Broker, Canadian Mortgage Authority, a call.


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