Credit Union and City Partner to Create Down Payment Assistance Program
Saskatoon residents can now get a foothold in the housing market through an innovative partnership between Affinity Credit Union and the City of Saskatoon. The Equity Building Program provides down payment assistance for potential homeowners, helping them enter the housing market and start building equity.
The partners met with Canada Mortgage and Housing Corporation (CMHC) to receive advice and explore similar arrangements in Canada.
“We got some good pointers from them (CMHC), and the City realized the intricacies of mortgage loan insurance,” said Dean Rowley, Retail Regional Manager at Affinity Credit Union.
The Macatangays were one of the first families to purchase a home under this program. The family of four had been renting a room in their in-laws’ house before they purchased their bungalow in April 2011. The home is within walking distance of where they lived before, so the two children can spend time with their grandparents.
“It’s very nice to have our own home,” said Edison Macatangay. “It feels great. There’s a lot of responsibility compared to renting, but we have lots of freedom as well. We can do whatever we want without worrying about disturbing others.”
“We heard about the program and called Affinity,” he explained. “They took care of us. We’re grateful to the City of Saskatoon and Affinity Credit Union for helping us make our dream come true.”