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Do You Qualify for the Affordable Homeownership Program?

Do You Qualify for the Affordable Homeownership Program?

Do You Qualify for the Affordable Homeownership Program?

Do You Qualify for the Affordable Homeownership Program?

For many renters in Simcoe County, the idea of owning a home isn’t exactly an option due to affordability. Across all the cities in Canada, Barrie was rated the 13th most expensive city to live in. The Canadian Government has implemented different assistance programs such as the First Time Home Buyer’s Incentive. However, these programs may not apply or benefit everyone who is purchasing a house. There is now an incentive program targeted at residents in Simcoe County who need financial assistance when purchasing a home known as the Affordable Homeownership Program.

What is the Affordable Homeownership Program?

The Affordable Homeownership Program is an incentive created to help low-to-moderate income renter households by providing a 10% down payment in the form of a forgivable loan. It provides renters the opportunity to become homeowners which will then lead to developers building more affordable housing options and freeing up rental units.

What are the qualifications and rules?

To qualify for the program, you must already be a resident in the County of Simcoe, and you cannot use more than one incentive program at a time. For example, if you are also looking into the First Time Home Buyers Incentive, you can’t stack it with the Affordable Homeownership Program as well. What’s great about the program is that you don’t have to be a first-time homebuyer and it is a 20-year forgivable loan.

How do you apply?

Although there is a waiting list for the program, it is still recommended that you apply if you are interested by following these steps:

  1. Get a mortgage pre-approval – this is good to just have in general before you start shopping for a house, so you know exactly what you can afford and if you need to investigate any incentive programs in the first place.
  2. Complete the Affordable Homeownership Program application and attach all required documents
  3. Submit the application by mail or in-person to the County of Simcoe Social Housing Department.

Want to make sure you qualify? I can help with that. With my assistance as a professional mortgage broker, I can help you get pre-approved for a mortgage and show you where you stand financially before buying a house. With that, I can also recommend which incentive program would benefit you the most or if you need to consider any financial aid from this or any other house buying programs. Call me today at 705-315-0516 and let’s set up a time to meet. I would love to answer all of your questions regarding the program and talk about how you could take advantage of the program to get you on your way to becoming a homeowner in the Simcoe County area.

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