Posted by genieSABRE on Oct 27, 2011
Zero Money Down: The Homeownership Program

Zero Money Down: The Homeownership Program

10% Down Payment Assistance

County of Lambton, Ontario

Source: Hannif Highclass
Publish:MY BLOG: Toronto Real Estate: Oct 27, 2011

What are your real reasons for not buying?

A limited amount of funding is again available for the County of Lambton. This will be offered by the Housing Services Department’s home ownership program, which provides up to 10% in down payment assistance for a first-time home buyer.

Offered as a result of a partnership among the Government of Canada, the Province of Ontario and County of Lambton, qualifying home buyers will be provided with down payment 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 allocated. Eligible Home Buyers will be selected from those who meet income requirements, other program criteria and who are qualified for a mortgage at a recognized NHA financial institution.

Applicants must meet a number of qualifications related to residency, income and asset level. Additionally, the home to be purchased must meet a number of qualifications such as purchase price and completion of a home inspection.

The Homeownership Program

A limited amount of funding is now available.

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% 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 allocated. 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 Canadian citizens OR granted status as a Permanent Resident under the Immigration Act OR made a claim for Refugee status under the Immigration Act
  • 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 $198,137
  • have a maximum household income of $76,300
  • have less than $25,000 in assets
  • be pre-approved for a mortgage from a recognized lending institution
The following are NOT ELIGIBLE for assistance:
  • Persons seeking funds to offset construction costs on land they currently own
  • Applicants requiring a co-signor
  • Private mortgages
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 following four (4) pieces of documentation are needed:
  • Birth certificate;
  • Driver’s License;
  • 2010 Notice of Tax Assessment from Revenue Canada;
  • Mortgage Pre-Approval from a recognized NHA Financial Institution.
If an applicant is deemed eligible for the downpayment assistance, the following minimum additional documentation is required:
  • Two (2) photocopies of the Purchase of Sale Agreement
  • Completion of the Loan Agreement
  • For resale homes, a Home Inspection Report by a qualified professional Home Inspector is required, at the applicant’s expense
  • 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 Centre in Sarnia (150 N. Christina Street) and is open Monday – Friday, 8:30 a.m. – 4:30 p.m.

Contact:

Maria Cossa-Rossi
Project Coordinator, Housing Services Department
County of Lambton
Telephone: 519 344-2062 ext 2165
email: maria.cossa-rossi@county-lambton.on.ca

Related Articles of Interest
Why Do You Want To Buy a Home
A Nation’s Strong Belief in Home-Ownership
Picking the Right Agent is Crucial



REMEMBER: Real Estate

Home Owners: If, you already own a home – good for you!

May you be blessed with
warmth in your home,
love in your heart,
peace in your soul
and joy in your life.

However, if for any reasons you do intend to move due to upsizing, downsizing, moving to different town or ??? —
genieSABRE recommend you check out our main web site. You will not be disappointed!

Renters: New immigrant, 1st. Time Buyers Renters – its time to stop making your landlord rich.
genieSABRE FREE consultation, will help you & guide you through the whole process from finding the right home, to mortgage approvals, home inspection, lawyers etc Visit our main web, you will not be disappointed!

Real Estate Investors: Home ownership should be your 1st. priority. If you own your own home – Good for you. But now is the time to take that second step – Buying Rental Property for investment. Commercial, retail or home.
genieSABRE has extensive knowledge and experience in this field. As a developer of commercial /retail plazas (built 3 so far) and owners of residential rental homes, we can guide and advice you as to what is best for you according to your personal financial position.

Call: Hannif Highclass @ 416.444.4252

http://www.geniesabre.com

Play Video

Similar Homes Program in London, Ontario:

Call: Cathy Mudge @ 519-685-4190 or

Hannif Highclass @ 416-444-4252

Heard the slogan "JUST DO IT! THIS IS YOUR WEB BLOG I DID MY PART NOW IT'S YOUR TURN

YOUR COMMENT NEEDED BELOW!

Home Owners: Are you happy that you bought instead of renting. What are your thoughts. Good or Bad let us know!

Renters Question: What are your main reason for not buying your home?
Post a Comment

Leave a Reply

Your email address will not be published. Required fields are marked *


*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

rebatereps.ca