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.
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:
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:
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:
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.
Only complete applications will be considered.
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:
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.
County of Lambton
Housing Services Department
Telephone: 519 344-2062 ext 2165