The City of Saskatoon is a partner in two different housing programs that have been created to make purchasing a home more attainable.
Mortgage Flexibilities Support Program
To increase affordable home ownership opportunities in Saskatoon, the Mortgage Flexibilities Support Program was created by The City of Saskatoon, Canada Mortgage and Housing Corporation (CMHC) and the Saskatchewan Housing Corporation (SHC).
Only homes in designated projects qualify for this program. Private home builders provide new units that can be sold at prices that households with incomes below the Maximum Income Limits (MILs) can afford.
MILs for Homebuyers
Households without Dependents: $70,900
Households with Dependents: $78,400
Households maximum net worth limit: $25,000
With a 5% down payment grant from the City of Saskatoon and mortgage loan insurance from CMHC or Genworth Financial, qualified homebuyers will have the means to finance the purchase of a new home.
Steps for Interested Homebuyers
- Contact the builders of designated projects and arrange to view the show homes.
- Apply for mortgage pre-approval with the lender (bank, credit union or mortgage broker) of your choice.
- The City of Saskatoon screens home buyers’ income and provides home ownership training.
- The City approves a down payment grant once steps 1 to 3 are complete
- Obtain final mortgage approval.
- Your lawyer completes the purchase