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First-Time Home Buyer’s Down Payment Options

First-Time Home Buyer’s Down Payment Options

First-Time Home Buyer

How to find a down payment fast

This is a little known Homeownership Program in Simcoe County (Barrie, Orillia, Innisfil, Alliston, Collingwood, Bradford, Midland, Wasaga Beach) that aims to assist low-to-moderate income earners who are currently renting to purchase a home.  The program will provide a 10% down payment in the form of a forgivable loan.

This program is designed to free up valuable rental units & encourage builders to develop affordable housing options in the area.

How do I qualify for the grant?

The Homeownership Program has been running for the last couple of years but the Program does seem to run out of funds fairly quickly after each funding announcement, so timing is very important!  Their website states, “Future funding details and specific program guidelines will be posted on our website in early 2014”.

The purchased home (re-sale or new) must be located in Simcoe County and cannot exceed a price of $291,814.  The down payment assistance loan is registered on title in second position for a period of 20 years.  The loan is forgiven after this period.  If the home is sold before the 20 years, the down payment must be repaid in full plus any realized capital gains.

Applicants must not own any other properties, have assets of no more than $20,000 and a gross household income of less than $82,600.  Potential candidates must also include a mortgage pre-approval with their completed application.

For more information contact:

County of Simcoe Administration Centre
Social Housing Department
1110 Highway 26
Midhurst, ON  L0L1X0
Phone: 705-725-7215 x.1119

If you need help finding mortgage for your new home, contact us now to learn more about our brokerage services.

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