Yukon Down Payment Assistance Program

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Yukon Down Payment Assistance Program

Post: # 21042Post Flipping4Profit.ca
Wed Apr 17, 2013 5:02 pm

Yukon Down Payment Assistance Program

Beginning in 2005, the cost of homes in the Yukon
began increasing sharply and, over the last 6 years,
have nearly doubled in price. This has directly
increased the required minimum down payment
which has made saving a down payment more difficult
for many potential homebuyers.

To assist clients who could otherwise afford
homeownership, YHC is pleased to introduce the
Down Payment Assistance Program (DPAP). This home
ownership program can help bridge the affordability
gap that sometimes prevents working people from
moving out of the rental market and into home
ownership.

Program Description:

The program is designed to assist eligible Yukon
residents within a certain income range to access bank
financing to purchase a home. The program provides
a low interest deferred loan of up to 5% (maximum
$18,000) of the home’s purchase price to be applied
towards the required down payment. The clients must
provide an additional minimum 2.5% contribution
towards the down payment.

Process:

1.Clients must qualify for pre-approval of a first
mortgage from a bank.
2.The clients will provide YHC a letter from the bank
stating they qualify for a mortgage with support
from the YHC DPAP program. The letter will show
the client’s income and the level of contribution
towards the down payment.
3.Clients complete the YHC DPAP application form.
4.YHC will provide eligible clients with a conditional
approval letter stating the client(s) may access a
DPAP loan for up to 5% (to a maximum of $18,000)
of the home purchase price to be used towards the
down payment.
5.Eligible clients will receive loan approvals from the
bank and, in turn, YHC will approve a DPAP loan to
the specified amount.
6.Clients may then make a conditional offer on
the home of their choice within their approved
mortgage terms.
7.YHC will work with the bank to register the bank’s
and YHC encumbrances on the property title.
Applicant’s eligibility:

A Yukon resident demonstrated by the provision of
a valid Yukon Health care card or letter of offer from
an employer.

Household income of less than $90,000.

Clients must provide a minimum 2.5% contribution
to the down payment.

Clients must qualify for a mortgage through a
lending institution.

More info at

Yukon Housing Corporation
410 Jarvis Street, Whitehorse, YT Y1A 2H5
Phone (867) 667-5759
Toll free in Yukon 1-800-661-0408, extension 5759
Fax (867) 667-3664
[email protected]
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