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Down Payment Assistance Program

Updated Monday, February 16, 2015
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Tired of Renting??

The County of Lambton is once again providing down payment assistance to help you purchase your first home. With today's low interest rates and potential down payment assistance it's a great time to buy!

The following information is copied from the County of Lambton website and includes details about the Home ownership program. Please note that there are a lot of restrictions and rules involved. If you would like more information feel free to contact me by calling direct 519-328-4963.

Julie Jenkins

Sales Representative EXIT Realty Twin Bridges Brokerage

Direct: 519-328-4963 OR Julie@ExitSarnia.com

 

Applications for the 2015 Home ownership Assistance Program are now being accepted; however, please note the following:

  • Homes purchased prior to April 1, 2015, are not eligible for funding.
  • Eligible applicants must submit the Purchase of Sale Agreement a minimum of 30 business days prior to the closing date.
  • All program requirements must be met a minimum of 15 business days prior to the closing date (i.e. final mortgage financing confirmation, Purchase of Sale conditions waiver).

 

The purpose of the County of Lambton's Homeownership Down Payment Assistance Program is to provide eligible households living in rental accommodations with loan assistance of up to 10% to a maximum of $19,000 for the purchase of a new or resale home not exceeding $190,000.

Approval for funding is based on the information provided by applicants through the Homeownership Down Payment Assistance Application Form

Conditions for funding include, but are not limited to the following:

  • Applicants must be at least 18 years of age, a Canadian citizen, landed immigrant or have Refugee claimant status
  • Applicants must be a renter, which is defined as a Tenant who has a rental agreement for a self-contained unit with a property owner who is not a relative
  • Applicants and/or their spouse/partner do not currently own a home or have an ownership interest in a home or land
  • Applicants seeking funds to offset construction costs on land they currently own are not eligible for funding
  • Applicants have a maximum household income of $81,600
  • Applicants have a maximum of $100,000 in assets, which includes bank accounts, investments and any property
  • Applicants do not have outstanding social housing arrears in Ontario
  • Applicants will use the purchased home as their sole and principal residence
  • Applicants qualify for a mortgage through a recognized financial institution
  • Applicants who require a co-signer and/or guarantor to qualify for a mortgage are not eligible for funding
  • Home must be modest in size and located in Lambton County
  • Home may be detached, semi-detached, townhome, or apartment
  • Mobile homes and homes on Reserve Lands are not eligible for funding
  • Resale homes require a recent home inspection completed by a certified home inspector and paid for by the purchaser/applicant
  • New homes, including conversions from non-residential use, must qualify for a Tarion Certificate of Completion and Possession under the Ontario New Home Warranty Program
  • Homes purchased privately require a recent home appraisal completed by a professional appraiser and paid for by the purchaser/applicant

 

Conditions for Repayment

Loan is forgiven if home is sold after 20 years provided the homeowner has complied with all the terms and conditions of the Loan Agreement.

If the home is sold before 20 year period expires, homeowner must repay the original loan plus a percentage of the realized capital gain.

If the home is sold before 20 year period expires and homeowner experiences a capital loss, repayment would be reduced by the amount of loss, provided the sale meets the following criteria:

  • the unit is sold at a fair market value; and
  • the purchase and sale of the unit is an arm's-length transaction

 

If the purchaser is in default of any term of the Loan Agreement within 20 years of the date of purchase, it is deemed a sale and the loan plus a percentage of the realized capital gain becomes immediately due.

Application Process

Only complete applications will be considered.

Homeownership Down Payment Assistance Application Form

An application must have all information entered and all supporting documentation provided to be considered complete.

Incomplete applications will be returned.

If an applicant is deemed eligible for the down payment assistance, the following minimumadditional documentation is required:

  • Photocopy of the Purchase of Sale Agreement
  • Completion of the Loan Agreement
  • For resale homes, a Home Inspection Report by a certified professional Home Inspector is required, at the applicant's expense
  • For new homes, a Tarion Certificate of Completion and Possession under the Ontario New Home Warranty Program
  • For homes purchased privately, a copy of the home appraisal, completed by a professional appraiser, at the applicant's expense

 

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


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Julie Jenkins

Julie Jenkins

519-328-4963