If you think you will never be able to own your own home because you simply don’t have enough downpayment saved up, I am here to tell you that there is hope. Many people are unaware of the Homeownership Program that is available to residents of Simcoe County who are in low-to-moderate income renter households.
Under this program, renters can apply to receive a 10% down payment on a home in the form of a forgivable loan. A percentage of the available funds are also set aside for those who self-identify as Aboriginal Canadians or those who are living in Social Housing.
While funding is limited and the Program fills up quickly each year, applicants are still encouraged to apply and be added to the waiting list.
Eligible homes are those that are located within Simcoe County and have a purchase price of less than $462,645. Most types of homes are eligible however modular homes on lease lands and those located on Reserve Land are not.
To qualify for the program, your gross household income must be less than $75,100 and personal assets cannot exceed $20,000.
It is important to note that as long as you keep your home as your primary residence at least 20 years, you are not required to repay the loan. If you sell your home (or it is no longer your primary residence) before the 20 year mark however, you will be required to repay the loan plus 10% of any realized capital gain. Be sure to read all the conditions of the loan before you apply.
How to apply for the Simcoe Housing Grant
If you are interested in applying for home ownership funding, you first step should be to get in touch with a mortgage broker who will help you get pre-qualified for a mortgage.
Once you have proof of pre-qualification, go online and complete this application for the program.
Next, review your application to ensure it is complete and that you have all the required attachments. (Incomplete applications will be returned).
Finally, submit your application to:
County of Simcoe
Social Housing Department
1110 Hwy, 26 West
Midhurst, ON L9X 1N6
If you think that you may qualify for the Simcoe Housing Grant and you would like to get started, contact me today. I can help you get pre-qualified for a mortgage as well as assist you through each step of the application process.