Rent-to-Own Pilot Program

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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")

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Service Description

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")

Program Information
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Products specifications

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")
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 applicant An 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:	rto@gov.pe.ca
Language:	English
Website:	https://www.princeedwardisland.ca/en/service/rent-to-own-pilot-program#utm_source=redirect&utm_medium=url&utm_campaign=renttoown
Coverage Area:	Epekwitk / Prince Edward Island

Finance PEI

94 Euston Street, 2nd Floor, Charlottetown, PE C1A 1R7
Coverage Area: Epekwitk / Prince Edward Island
Accessibility: Wheelchair accessible
October to May: Mon-Fri 8:30am-5pm
June to September: Mon-Fri 8am-4pm
financepei@gov.pe.ca

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Rent-to-Own Pilot Program

Service Description

Finance PEI

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