Young professionals need help to buy their first condo. They found Options for Home, a non profit that provides no-interest loans as featured in @TorontoLife.
The couple desperately wanted out of their second floor rental in Christie Pits which had crumbling plaster and cockroaches. However, $1,325 made sense for their budget. Then they heard about Options for Home, a non profit Toronto developer that keeps costs low by foregoing amenities like pools and gyms. This organization provides buyers with up to 15 % of the the down payment. Buyers only need to save 5 % in order to be able to put down 20 %.
When the owners sell, they must pay back the loan at 10 or 15 % of the (whatever the loaned percent was) of the new appreciated value. This profit will go towards future loans and developments. This couple bought an Options for Homes condo and were thrilled with how it turned out.
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