The City of Saskatoon, Canada Mortgage and Housing Corporation (CMHC) and the Saskatchewan Housing Corporation have created the Mortgage Flexibilities Support Program to increase affordable homeownership opportunities in Saskatoon.
With a 5% down payment grant from the City of Saskatoon and mortgage loan insurance from CMHC or Genworth Financial, qualified homebuyers will have the means to finance the purchase of a new home.
Private homebuilders provide new units that can be sold at prices that households with incomes below the Maximum Income Limits can afford.
Total household income of the buyer must meet the provincial Maximum Income Limits:
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Singles and Couples - $52,500
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Households with Dependents - $60,000
Only homes in designated projects qualify for this program.
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Current Projects |
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Innovative Residential: Bella Vista on the Park (1022 Hampton Circle) - Located in Hampton Village, the Bella Vista community offers 2 and 3 bedroom units priced between $169,900 and $258,900. Units are between 760 sq. ft. and 1254 sq. ft. Eligible buyers earning less than the Maximum Income Limits receive 5% down payment assistance, while buyers over these income limits may be eligible for 3% down payment assistance provided through the National Affordable Housing Corporation. Buyers may also be eligible to receive 8 year property tax or mortgage support.
Click here for the Bella Vista brochure. Visit www.innovativeresidential.ca/community.html or call 270-5032 to apply.
Hartford Greens Phase I & II (715 Hart Road) - SOLD OUT
Buffalo Ridge Developments (55 Borden Crescent) - SOLD OUT
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Coming Soon |
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| Willowgrove Neighbourhood - 1015 Patrick Crescent |
| Stonebridge Neighbourhood - 125 Willis Crescent |
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Steps for Interested Homebuyers |
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Interested homebuyers contact the builders of designated projects and arrange to view the show homes.
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Homebuyers apply for mortgage pre-approval with the lender (bank, credit union or mortgage broker) of their choice. The Saskatchewan Housing Corporation screens the homebuyers income and provides homeownership training.
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The City approves a down payment grant once steps 1 to 3 are complete.
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The homebuyer obtains final mortgage approval.
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The homebuyer’s lawyer completes the purchase. |
Click here for the program brochure.