F I R S T P L A C E ~ An Edmonton Home Ownership Program

New eligibility

The First Place Program and participating financial institutions now allows co-signers to help first time homebuyer applicants qualify for and obtain mortgage approval from a lender.

Applicants to the First Place Home Ownership Program must meet the following criteria in order to be eligible for the program:

* New – Applicants can now use a “co-signer” to qualify for and obtain mortgage approval from a lender.
* New - Must be able to qualify and obtain pre-approved financing (can purchase with a down payment greater than 5%, 35 year mortgage amortization, 32% gross debt service ratio and 42% total debt service ratio) – can be obtained with help of co-signer.
* New - Must be first-time home buyers in Alberta.
* New - Applicants must agree to be full time occupants and residents of the condominium unit for the first five years.
* New - Must have a net personal worth less than $25,000, excluding a primary vehicle, locked-in or group RRSP and the down payment required for the condominium unit.
Must be Canadian citizens or have permanent resident status.
Must be employed and have a combined income of less than $88,000 - see your financial lending institution for more details.

Mortgage co-signers do not need to meet the eligibility criteria and therefore do not have to be full time occupants and residents, meet income and net worth critieria. Applicants to contact their financial institution.

All interested Canadian citizens, as well as City of Edmonton employees are eligible to apply, providing they meet the eligibility criteria.

Who is involved in creating this program?

Program Partners:
City of Edmonton - www.edmonton.ca/firsttimebuyers

Builders:
Rohit - www.rohitcommunities.com
Landmark - www.bestcommunities.ca/canonridge/

Financial Institutions:
Canada Mortgage and Housing Corporation
BMO – Bank of Montreal
TD Canada Trust
Alberta Treasury Branch
Canadian Western Bank
Servus Credit Union

For detailed information

Acknowledgements:
The City of Edmonton thanks the community residents of Greenview and Canon Ridge and the members of Woodvale Community League and Homesteader Community League for their participation and input into the town home design process.