Have you been renting, hoping for an opportunity at homeownership but are unable to save up a downpayment? Do you have a stable income? You may be eligible for affordable homeownership!
This compact, modular home community consists of 1- and 2-bedroom units, with energy efficient fridge, stove, dishwasher, washer and dryer included in each unit. Through a modified equity homeownership program, homeowners can purchase a home with no down payment and reasonable mortgage payment – allowing them to access homeownership even on a moderate income.
Eligibility
To be eligible to purchase a home in The Groves at Hillsdale, homeowners will require;
- A gross annual household income of between $50,000 and $80,000
- A stable income from employment, EI, or retirement funds. Canada Child Benefits may also be included in your income.
- To be a resident of or work in Cumberland County
- To be approved for a mortgage of between approximately $127,000 and $182,000 (based on 4.95% interest rate) through Mosaik Credit Union. Eligible homeowners will also
Additional costs to consider:
- Property taxes, which will range from approximately $250/month for larger (850 sq ft) units, to $175/month for smaller (590 sq ft).
- Condo fees –The Groves at Hillsdale units belong to a bare land condo corporation, and a monthly fee of $120 will cover site maintenance like the parking lot and lighting, garbage removal and landscaping.
- Utilities are the responsibility of the homeowner, but with a small footprint and energy efficient appliances, these costs are lower.
- Deed transfer tax and legal fees related to the sale will apply.
Pets are allowed at The Groves at Hillsdale, and some accessible units are available.
Want to learn more? Check out some additional resources in the PDFs below, or email us at TheGrovesAtHillsdale@unitedwaymaritimes.ca.