Classic Communities recognizes that with the cost of housing constantly on the rise, and sometimes at an alarming rate, people are having issues finding a way to get into the housing market. What they need is the opportunity to build some equity. With this in mind Classic Communities set out to find a solution to the 4 main factors that are keeping people from obtaining home ownership.We have the solution, the Classic Mortgage Assistance Plan.

1. THE DOWN PAYMENT

In many cases, a renter is paying more in rent then what a mortgage payment could be.The high rent it is often the reason it is difficult for them to save money for a down payment. Classic Communities addresses this issue by giving a portion of the sale proceeds back to the purchaser to assist with their down payment. The down payment assistance amount is an interest-free loan from Classic Communities and must be repaid on the selling of the property. This is the ONLY portion to be repaid to Classic. Any other equity gained belongs to the homeowner and can be used as a down payment on their next home. This loan stays with the home, and thus becomes a stront selling feature for the next home purchaser. It now becomes extremely easy to obtain homeownership. This has the potential to allow many people to benefit from this assistance program. This down payment assistance given to the purchaser can be as high as $10,000

2. MONTHLY PAYMENTS

To make it easer for individuals to get into home ownership, Classic has also set aside a portion of the sale proceeds intended to be given back to the purchaser in monthly installments. The amount and length of time that the payments will be available varies by project, however it can be as high as $57,000 over 10 years. This money never has to be repaid to Classic. If the home is sold in year 3, the next purchaser will benefit from the remaining 7 years of the program. Again this becomes a selling feature and makes it extremely easy to obtain homeownership. These funds are controlled and paid back to you on a monthly basis from our Classic Communities Charitable Foundation. Interest gained from this money is donated back into the surrounding community through local charities. This is another way for Classic to help change people's lives!

3. QUALIFYING

Classic's Mortgage Assistance Program makes qualifying for a home much simpler. To purchase a $174,000 home with our program, you would only need to qualify to purchase a home valued at $124,000. The amount to qualify for this is drastically reduced and the household qualifying income will also drop drastically. In High River, we have been able to reduce the qualifying income from around $76,000 to $38,000.

4. COST OF HOUSING

The cost of housing is constantly on the rise and is another contributing factor in many people not being able to purchase a home. To assist in controlling some of our construction costs Classic Communities has an in-house granite and cabinet division (Classic Cabinets). This allows Classic Communities to purchase items at wholesale costs and pass those savings onto our customers. As well, Classic Communities sells all of our homes at below appraised value. That means if you purchase a Classic Villas home you will have equity before you even move in!

Classic's Mortgage Assistance Plan homes (Classic Villas) are built with the same quality as our high end condos. They include Granite countertops, 5 appliances, window coverings, and beech cabinets along with many other upgrades. We have bungalows and two-storeys in 2 and 3 bedroom floor plans to choose from. All plans are very spacious and over 1000 sq. ft.in size.

WHATS THE CATCH?

There simply is none. We have helped over 600 people obtain home ownership.

WHY WOULD CLASSIC DO THIS?

We really enjoy seeing lives change once they have the opportunity to own their own home.