ATTENTION 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
Some additional restrictions do apply, ask me today what they are.
Call me at 519-466-7560 for your application form! Your first home may be closer than you think!