Simcoe County Offers Down Payment Assistance with Home Ownership Program
The mortgage rule changes put in place by the Bank of Canada in 2017 has acted as a barrier to entry for many first time home buyers looking to enter the market. The County of Simcoe, with some help from the province, has stepped in to try to overcome this barrier and help first time home buyers become home owners.
The Simcoe County Council approved an increase in down payment assistance, bringing it up to 10%, under the Home Ownership program in the form of a forgivable loan, so long as you own the home for at least 20 years.
The provincial government, through the Investment in Affordable Housing for Ontario program, has allocated $12.5 million of the $480 million in federal and provincial funds to the County of Simcoe for the creation and repair of affordable housing in Ontario over the next four years.
The County is pleased to be able to offer the Home Ownership program, “Home ownership is a dream for many low-to-moderate-income households in Simcoe County, but the reality of saving enough money for a down payment is often out of their grasp,” said Warden Cal Patterson.
Funding is being awarded on a first come, first served basis to a maximum of 10% of the eligible purchase price, which can be no more than $291,814. Homes must be modest in size and be located in Simcoe County. So, who qualifies for the down payment assistance?
- You must be a renter household buying a sole and principal residence
- You cannot currently own or have a vested interest in a residence or any land
- You must show proof of a gross household income at or below $82,600
- You must have assets of no more than $20,000
- You must have no outstanding arrears to social housing in Ontario
- You must be at least 18 years of age, a Canadian citizen, landed immigrant or have Refugee status
- You must supply photo ID and a birth certificate
- You must be pre-approved for a mortgage
The Home Ownership program is an excellent way to help get first time buyers into their first home so they can begin to gain equity. Please pass this information along to friends and family who may find it useful, and don’t hesitate to contact me for more information on Barrie real estate or Simcoe County’s Home Ownership Program. For a copy of the application and to answer any questions, contact us today!