If you are interested in buying one of our units, you must demonstrate you meet INHOUSE’s qualifications. The requirements ensure INHOUSE meets its mandate of providing home purchase opportunities to employed purchasers who are currently renting and wish to become a homeowner. Verification and approval of your qualifications is required for participation in INHOUSE projects.
Individuals are eligible if they meet the following qualifications.
- Not currently a homeowner (but may have previously owned a home)
- Moderate income earner (qualification is dependent on current median income of city and mortgage approval condition, contact INHOUSE for income requirements)
- Be approved for a 5-year CMHC insured mortgage
- Total net worth does not exceed 25% of the mortgage (excluding RRSPS, RESPS, and long term savings programs)
Individuals who meet INHOUSE’s qualifications will be approved for a mortgage loan for approximately 65% percent of the suite’s full market value. The remaining percentage is comprised of land value and developer’s equity and serves as the down payment. In this way, the applicant is approved for a reduced mortgage with more affordable mortgage payments.