Rent-to-Own Pilot Program
Provided by: Finance PEI
Service Description
Provides an opportunity to PEI residents to own an eligible home that is up to maximum value of $350,000 (including HST, if any). Finance PEI will purchase a home on behalf of an approved participant who will in turn enter a five year Rent-to-Own agreement with Finance PEI on the same day the home is purchased. Participants will pay the rent to Finance PEI, and a portion of the payments shall accrue in favor of the participant to use the amount to exercise their purchase options below:
- Reduce the purchase price payable to Finance PEI ("Purchase Price Credit")
- Be used towards the cash down payment required to obtain the mortgage financing required to complete the purchase from Finance PEI ("Downpayment Credit")
Information
Eligibility:
Applicants must meet all of the following conditions:
-At least one of the applicants is a Canadian citizen
-Do not currently own a home
-Can demonstrate that they have been recently declined by a financial institution for mortgage financing to purchase a home
-Must reside in PEI at the time of applying for the pilot program
-Has a satisfactory credit rating and must not have outstanding debt obligations on file in the Province's Central Default Registry
-Total annual household income will be $100,000 or less per annum (family); or $65,000 or less per annum for an individual applicantAn eligible property:
-Will be occupied by the successful program participant as a single-family dwelling, and be their principal residence; rental, seasonal and recreational properties are not eligible
-Must be located in PEI
-Must be pre-existing. New construction financing is not eligible under this program
-Will not exceed program maximum of $350,000 (plus taxes, closing and legal costs)
-At least one of the applicants is a Canadian citizen
-Do not currently own a home
-Can demonstrate that they have been recently declined by a financial institution for mortgage financing to purchase a home
-Must reside in PEI at the time of applying for the pilot program
-Has a satisfactory credit rating and must not have outstanding debt obligations on file in the Province's Central Default Registry
-Total annual household income will be $100,000 or less per annum (family); or $65,000 or less per annum for an individual applicantAn eligible property:
-Will be occupied by the successful program participant as a single-family dwelling, and be their principal residence; rental, seasonal and recreational properties are not eligible
-Must be located in PEI
-Must be pre-existing. New construction financing is not eligible under this program
-Will not exceed program maximum of $350,000 (plus taxes, closing and legal costs)
Fees:
No fees to apply
How to Access:
Download application form from website or pick up at Finance PEI office
Documents Required:
Completed application form * A copy of 2022 Notice of Assessment * A copy of most recent paystub * A written employment verification letter * Any two pieces of identification from following: Driver's License or other pictured government issued identification * Birth certificate * Canadian Passport
Program Email:
Program Phone Numbers:
- Program Inquiries
902-569-7550
Language:
English
Coverage Area:
Epekwitk / Prince Edward Island
Service Locations & Contact Info
- 94 Euston Street, 2nd Floor, Charlottetown, PE C1A 1R7
- Coverage Area:Epekwitk / Prince Edward Island
- Disabilities Access:Unknown
- October to May: Mon-Fri 8:30am-5pm
June to September: Mon-Fri 8am-4pm
- General Inquiries
902-368-6200
