What is the Home Downpayment Assistance Program?
Do you have dreams of buying a home, but lack the downpayment required to make the purchase? If you need assistance with your home downpayment, then look no further! The Black Wall Street Canada Home Downpayment Assistance Program is an investor-supported initiative designed to help eligible buyers cover the gap needed for a down payment. Tailored for families, first-time buyers and those with modest to good incomes, this program provides financial support to make homeownership more attainable.
Offering up to $250,000 towards your down payment, it empowers individuals and families to secure their dream home while reducing the financial strain of saving for the full amount. This is a great opportunity for those ready to enter the real estate market but needing extra assistance to take that first step.The program also provides guidance on mortgage options and financial planning to ensure long-term success. Want to learn more? Let’s connect!
How Does It Work?
We understand with today's economy it can be difficult to save up the ideal 5-20% downpayment and other transactional closing fees.
Our investors can contribute up to $250,000 toward your down payment in exchange for an equity share in the home. Instead of a loan, they become silent-partners in your investment. When you decide to sell, the proceeds are divided based on the equity percentage, meaning both you and the investors benefit if the home appreciates—or share the risk if it depreciates.
Because the investment is directly tied to the home, there’s no interest, no monthly payments, and no added debt. You don’t repay the investors—your home does when it’s sold.
How to Qualify
To access the Ontario Down Payment Assistance Program, you generally need to meet these criteria:
- Be a Canadian citizen or permanent resident.
- Intend to use the home as your primary residence.
- Contribute at least 5% of the home’s value from your own savings.
- Qualify for the necessary mortgage amount.
If you’re not sure which program fits your situation, reach out for a free consultation to discuss your options.