Home First

We are one step closer to owning our home. We were fortunate enough to find out about a program called "Home First". Rather than trying to explain it myself, I will give you the official description:

The homeownership option of the Centenary Affordable Housing Program (CAHP) is now being offered through HomeFirst, a Government of Saskatchewan initiative that offers programs to meet the current and future housing needs of Saskatchewan people.

CAHP-Homeownership, is a program funded by the federal government through Canada Mortgage and Housing Corporation (CMHC), the Government of Saskatchewan through the Saskatchewan Housing Corporation (SHC), and the local municipal governments.

CAHP-Homeownership offers people a forgivable equity loan of up to $19,500 based on household income and unit price. If the loan recipient stays in the home for 10 years, the equity loan will be forgiven in full.

People are eligible for the program if they are a family with dependants, including single-parent households, and people with disabilities with a housing impact directly related to their disability. Housing may be single-family dwelling, semi-detached, duplex, condominium, apartment style or row housing. Applicants are required to participate in homeowner education. Included in the homeowner education package is information on money management, understanding credit, mortgage readiness, home-buying process and post-purchase home maintenance and repair.

Many of the houses that are for sale are on our street and it just so happens that our home is one that will be on the market if we move out. So we will be able to just go from renters, to owners in one smooth (hopefully) step. We love our home, and the opportunity to actually own it is just unbelieveable.

If we are going to stay here for the entire 10 years we will need to do some renovations. I have been using a simple cad program and planned out the basement. Currently our basement is completely open with our bed in one corner, TV area in the other, laundry area in the other and then the computer room in the other. It is nice and open but no privacy. Here are the future plans:

A: New baby's room

B: Master bedroom (with ensuit bathroom)

C: Bathroom

D: Laundry room and work area

E: TV\Computer area

F: Stairs down to basement

This Thursday we have an appointment for a mortgage application, after that we will make our offer on the house :) and rennovations to start as quickly as possible after that.