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Funding for 1st Time Home Buyers !

Updated Monday, April 5, 2010  ::  Views (3574)

The Homeownership Program ~ Limited funding is now available for first time homebuyers.

Your first home could be closer than you think. What if owning your first home was within reach? What if turning rent into mortgage payments could be a reality? With a new and innovative program you could move into your first home faster. The Homeownership Program can help you with up to 10% (effective April 1, 2010) in downpayment assistance.

The Homeownership Program is a partnership amongst the Government of Canada, the Province of Ontario and the County of Lambton. Through it, qualifying homebuyers will be provided with downpayment assistance in the form of up to 10% of the cost of an eligible home under the program and no interest will be charged on the assistance (conditions apply). Funding for this program is on a first-come-first-served basis until all funding is exhausted or the deadline of December 31, 2010 is reached. Eligible purchasers will be selected from those who meet the income requirements, other program criteria and are qualified for a mortgage at a recognized NHA financial institution.

To qualify for the downpayment assistance, applicants must:

  • be a renter household buying a sole and principal residence
  • be looking to purchase a new home or a resale home valued at no more than $181,250
  • have a maximum household income of $73,400
  • have less than $25,000 in assets
  • be *pre-approved for a mortgage from a recognized lending institution
  • *Persons seeking funds to offset construction costs on land they currently own are NOT eligible for funding.*applicants requiring a co-signor are NOT eligible*private mortgages are NOT eligible

In addition, household members must be:

  • Canadian citizens, or
  • granted status as a permanent resident under the Immigration Act, or
  • made a claim for refugee status under the Immigration Act.
  • Homes eligible under this program must:
  • be a new construction unit or resale home (detached, semi-detached, townhouse, apartment, condo…etc)
  • New construction units must qualify for Tarion's new home warranty
  • A home inspection by a qualified professional Home Inspector is required, at your expense, for a resale home
  • ** Mobile Homes are not eligible **

The Housing Services Department encourages those interested to submit completed applications along with photocopies of the following four (4) pieces of documentation:

Birth certificate;
Driver’s License;
2008 Notice of Tax Assessment from Revenue Canada;
Mortgage Pre-Approval from a recognized NHA Financial Institution.
If an applicant is deemed eligible for the 10% downpayment assistance, the following minimum additional documentation is required:

Two (2) photocopies of the Purchase of Sale Agreement
Completion of the Loan Agreement
Confirmation project does not impose adverse environmental impacts that cannot be mitigated
Completed applications along with required documentation can be dropped off at the County of Lambton Housing Services Department. The office is located on the 2nd Floor of the Bayside Mall in Sarnia (150 N. Christina Street) and is open Monday - Friday, 8:30 a.m. - 4:30 p.m.

Contact:

Lola Dudley
Manager, Housing Services Department
County of Lambton
Telephone: 519 344-2057 ext 2041
email: lola.dudley@county-lambton.on.ca

 

 

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