Stettler Kin Clubs - Kinsmen Club - Kinette Club

STETTLER KIN BUILD

 

Attainable Housing Program

Download PDF form    For more info call 1-403-740-9121 or email  nlthoro@telus.net

The local Kinsmen/Kinette Clubs are facilitating this “Attainable Housing Program” which will offer “Deserving and Financially Qualified” buyers an opportunity to buy a brand new house with No Down payment. The “Attainable Housing Program” will be giving these people the required 9% ($30,000 - $40,000) down payment by way of a non-refundable down payment. The goal of which is to build 30 housing units this year in “Meadowlands by the Park”. They will be of single family and duplex construction.  By supporting this program, there will be an additional 1% that will be invested in community programs by the Kinsmen and Kinette Clubs of Stettler from program funding.

It is aimed at those of us that are working hard to get ahead, they could qualify for a mortgage but due to everyday living cannot save the required down payment monies. This is the perfect opportunity to get into a brand new home where they otherwise couldn’t. 

Information for grant applicants   

 

 

 

 (illustration only and not meant to be restrictive):

 

 

  • Applicants for the grant must have a minimum combined household income of $45,000 to 75,000 (1) per year.
  • Applicants must be able to independently apply and qualify for a mortgage that must be CMHC insured.
  • As this purchase is CMHC insured, applicants must have an additional 1.5% of the purchase price in savings for closing costs.  Savings may not be from borrowed funds.
  • CMHC Example: If purchase price is $345,000, the CMHC minimum closing cost requirement may be $5,175. Mortgage payments on the same for demonstration purposes, may be $1,450 per month, not including property tax or utilities if you were able to get a mortgage at 4% over 30 years. (This will vary depending on each individual, the value of the home, and the financing they arrange.)
  • Applications not filled out in full, not meeting the income criteria, or not qualifying for a mortgage will not be considered for this non-refundable down payment.
  • Should the selection committee recommend your application, please have the following information available within 2 days of hearing from the committee:
  • 2007, 2008 (2009 as soon as completed) Personal Tax Notices of Assessment (2009 may be the summary T1)
  • A Confirmation letter of employment
  • A current pay stub
  • Letter of permission to the lender that net worth totals may be disclosed to the committee prior to final selection.
  • You will still be considered for a non-refundable down payment even if you have equity in assets or cash and your need is compelling.

 

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