9 King West/Liberty Village Area Condos Eligible For a Phenomenal $135K Program Designed for Renters Looking to Buy.
After reading this you’re going to be looking for a catch, you’re going to say it’s too good to be true. Rightfully so. We live in a world of clickbait and to-good-to-be-true offers around every corner. Please read this and share with your friends.
The City of Toronto along with their strategic partners have hired me to list 9 one bedroom and one bedroom plus den apartments at 30 Ordnance St at King and Strachan (between King west and Liberty Village). This new development is set to occupy in July and is quite something. It’s called Garrison Point. click here to view building details.
This is a program designed for anyone renting that is interested in buying but is having a hard time qualifying for a mortgage with today’s home prices.
Here are the requirements
Buyers Must Be:
- Leaving a Rental – we need to prove that a rental unit will become available as a result of a move into a purchase.
- Have an income less than $90,500
- A Canadian Resident or Citizen
- An End User. Meaning you cannot rent out the apartment…ever.
- Able to come up with some sort of cash deposit now plus closing costs towards the end of 2019/2020
Let me explain…
The Government Program gives eligible buyers $135K as a 2nd Mortgage that acts as a down payment to buy down the purchase price and help borderline buyers qualify to purchase
There’s no interest on the $135K or any payments. It’s only repayable when you sell the place.
You buy a unit for $533,900 and immediately receive a $135K 2nd mortgage from the City so now all you have to do is qualify for a mortgage for the remainder of the purchase price. To put this simply this $135K applied to the purchase price significantly improves a buyer’s chances of getting approved for a mortgage.
The $135K can be paid back at any time along with the proportionate share of equity gained.
For example: If you bought floor-plan AA at $533,900 and sold it for $733,900 a few years from now. You pay back the $135K plus $50,571K (you keep the $149K in gain) since the $135K originally represented 25’ish % of the equity.
This is a massive opportunity for folks that have been affected by the stress test and are having trouble finding what they want in the area that they want.
The Available Units as Follows
201 – 593sqft One Bedroom – $500,000 (you need to qualify for $365,000)
2602 – 645sqft One Bed + Den – $580,500 (you need to qualify for $445,500)
See Floor Plans below and please contact me right away 416-434-1511 or firstname.lastname@example.org as these units all priced very well with $135K assistance obviously won’t last long.