If you’re a renter in Bruce County looking to buy a home, have we got a deal for you.
It’s called the Canada Ontario Affordable Housing Program and if you qualify the program will loan you the money for the five per cent down payment, interest-free.
On Soundingboard, Manager of housing services for Bruce County Susan Earle said the program has been very successful with 40 applicants getting loans for that down payment on a home purchase.
She says they were able to get $399,000 for the program and they have about $138,000 left and she feels they can still help about 20 more applicants.
The crunch is, the loan has to be approved by the end of March but the purchase of the home can happen after that.
Earle says the applicant needs to have already received approval for a mortgage before applying for this loan.
Any renter or renter’s family with incomes up to $65,000 can apply for the program.
She says homes can list for as much as $200,000.
Earle says it’s an easy application that will be dealt with immediately.
Earle says if you remain in the home for 20 years then the loan is forgiven.
If you should sell before that time, you are obligated to pay back the loan and 5% of any capital appreciation you might make on the home.
If you want further information on this housing program, give Susan Earle a call at 519-396-3450, extension 106.
