Helping You Buy Your First Home With The Simcoe County Down Payment Assistance Program
It is that time of year again where the Simcoe County down payment assistance program application is coming up. Applicants are encouraged to apply even though there is a waiting list for this program. The subsequent funding will not be known before March 2015, however, it does not hurt to submit an early application as this waiting list has a tendency to get full fairly quickly.
With regards to the housing criterias for the Simcoe County Downpayment Assistance Program, here is the list of the eligible homes considered by the township:
-Homes must be located in Simcoe County
-Purchase price must be at or below $317,246
-Re-sale properties and new construction are eligible
-All re-sale homes must have an inspection performed by a certified home inspector
-New construction must provide Tarion Certificate of Completion and Possession under the Ontario New Home Warranty Program
-Persons seeking funds to offset construction costs on land that they currently own are not eligible for funding
-Units may be detached, semi-detached, condominiums, stacked homes, row/townhouses, modular homes on owned land or apartments (modular homes on leased land and homes on Reserve Land are ineligible). If planning to purchase a modular home,please contact us, as certain conditions do apply.
The down payment assistance loan is considered by CMHC as homeowner equity for the purposes of securing CMHC mortgage insurance. The down payment assistance loan is registered on title in second place.
If you are thinking of applying, here is how you can put in your application:
How to Apply:
Mortgage Pre-Approval – Please contact a mortgage broker, trust company, credit union, bank or other qualified lender of your choice to apply for a no cost mortgage pre-approval.
Homeownership Application – Complete and sign attached application.
Required Attachments – Review your application carefully to ensure all requested supporting documentation is attached. Applications that are incomplete or missing required documentation will be returned.
Submit Application – Applications can be submitted in person, by mail, email or by fax.
I have had the opportunity to work with a few clients that have opted to go with the Simcoe County Down Payment Assistance Program and are extremely happy and in love with their beautiful home. Even if you are on life-term ODSP, there are some options for you with regards to the Simcoe County Grant. Contact me today and I can help set you up with a mortgage broker that has connections with private lenders to help you with your pre-approval. Contact me today and let”s make your housing dreams a reality.
Click Here for the Application
Happy house hunting from Your Barrie RE/MAX Real Estate Agent
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