Want to buy your own home, but the bank said No?
We can help. Start with as little as 5% down.
With StepHome, you can be just steps away from becoming a homeowner! Learn how…
Choose your home.
Choose the home you want to own and live in it now! With StepHome, the home you choose is bought and rented to you until you can purchase it in the future at a price that is locked in today.
Grow your savings.
Make monthly payments that cover your rent and contribute to your home-buying piggy bank. Enjoy living in the home you want while you accumulate the funds towards the down payment of your home. Don’t lose money to the landlord of a home you will never own!
Become a homeowner.
Buy your home! We guide you to become bank-ready so that you can successfully qualify for a traditional mortgage at the end of your term. With the savings and equity you have built over the term, purchase your home at the preset price. You get to benefit from any additional equity in your home from market appreciation or any renovations you may have done.
Start with as little as 5% down and step now into the home that you want to build your future in.
The banks’ current tighter restrictions on mortgage approvals mean getting approved for a mortgage is harder than it used to be. Many Canadians deserving of home ownership are getting left out of the housing market. Whether you are self-employed, don’t have enough income history, have bruised credit, or are new to Canada, StepHome can get you into the home you want today.
Our goal is to make home ownership accessible for all Canadians.
StepHome can help you.
Do any of these apply to you, while you have provable affordability?
Self-employed, contractor, or commission-based employee
Power of Sale or Foreclosure forced by a private lender even if you made all payments and they don’t want to renew
Your debts are too high for a bank and fit a B-lender, but you don’t have 20% down
New to Canada
No established credit history
Bruised credit
Have tax arrears
Consumer proposal or bankruptcy that was recently discharged
Recently out of school and no income history
If so, StepHome can help!
The StepHome Benefits
Freedom.
Choose the home you love in the neighbourhood you want. Work with your own real estate agent or one of our trusted partners.
Stability.
You can enjoy living in your home without the worry that a landlord will suddenly want to boot you out so that a family member can move in, throwing you into the upheaval of an unplanned move.
Flexibility.
We offer flexible terms of typically 1-5 years. All terms come with an early purchase option and term extensions that fit your particular exit needs.
Security.
We understand that this is not just a dwelling you are going to buy, but a home you are emotionally invested in. Legal documents, our StepHome homebuyer protection measures, and the requirement for independent legal advice ensure that your home and your investment are protected.
No surprises.
Your monthly payment will not change for the duration of the term. The future purchase price of your home is locked in today. All costs associated with the program are disclosed up front.
Wealth Building.
With StepHome, you are in a plan that forces monthly saving. You can make improvements to the home and you start building equity in your home from the day you move in. When you purchase your home at the end of the term, you have your initial down payment plus your accumulated savings, and additionally benefit from market appreciation.
Support.
We provide education on credit coaching and debt management to help you qualify for your future purchase with an institutional mortgage at the end of your term.
Mortgage Practice.
StepHome allows you to take the first steps to become mortgage ready before fully committing to a home mortgage and purchase. With the obligation of monthly payments and forced savings, the StepHome program prepares you for the commitment needed to carry a bank mortgage on the home you buy in an area you want to live in.
Important to know.
A credit check is required. We genuinely care about a successful purchase for our homebuyers. We ensure that you are in a position to be able to manage the monthly payments required to cover your rent and to build your savings so that you can purchase the home you’ve chosen at the end of your term.
What you need to get started. To get started, you will need at least 5% of the home purchase price. You will also need enough to cover additional expenses to begin the StepHome program such as independent legal advice and other fees associated with the home purchase. All costs will be clearly outlined and will be required to be reviewed by you and your lawyer before signing your commitment.
Your costs during the term. As the renter, you are responsible for paying your monthly rent plus your monthly savings (applied towards your future purchase), utilities, and tenant insurance.
You are responsible for the maintenance of your home. Unlike a typical rental situation where the landlord covers any required property maintenance on their home, you are caring for the property that is ultimately going to be yours. Your maintenance of the home builds your home equity and is an investment in your future.
You need to be committed to your credit health. We will guide you on how to improve your credit rating, but the hard part will be on you to take the right steps and to stay the course so that you can reach your goal of home ownership.
Be ready to take your commitment seriously. Just like with a traditional mortgage, missed payments carry consequences and can potentially result in the termination of your plan and the loss of the right to the future purchase of your home. Consider your commitment carefully. If you are not ready, that’s okay! We will be here to help you when you are.