Down payment assistance County of Dufferin-Ontario

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Down payment assistance County of Dufferin-Ontario

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Tue Jan 08, 2019 12:57 pm

Down payment assistance County of Dufferin-Ontario


The County of Dufferin Home Ownership Program is designed to provide moderate income households,
with an interest free down payment assistance loan/second mortgage to help purchase a home.
There are no monthly mortgage payments for the second mortgage. Repayment of the second
mortgage is required when the property is sold. (Loan amount and percentageof capital gain.) The second mortgage is forgivable after 20 years if the house is not resold.
First mortgage and second mortgage combined cannot
exceed the purchase price of the home.

In this package you will find:

The following process should be followed by applicants to qualify for the program:

Review the Home ownership Criteria Sheet to ensure you meet the eligibility requirements.

The financial institution where you will be obtaining your mortgage must complete the
Mortgage Approval Form including verifying the annual gross household income and total
assets.

Complete the Home ownership Application Form.

Submit the Mortgage Approval Form and Homeo wnership Application Form to The County of
Dufferin Community Services with the required attachments:
o
A copy of your most recent complete income tax return with the Notice of Assessment
o
Secondary proof of income (e.g. letter from employer, pay stubs, etc.)
o
Verification of assets (bank statements or passbook copies,
investment statements, etc.)
o
Two (2) pieces of photo identification for purchaser(s)Proof of status in Canada
Approved applicants will be given a sixty (60) day commitment letter. Within this sixty (60) day period,
applicants must provide an accepted, conditional Agreement of Purchase and Sale. The closing date
for the purchase must be at least thirty (30) days so that our office can process the down payment
assistance loan. The down payment assistance funds will be transferred on the closing date.

If you have any questions at any time during the process, please do not hesitate to contact the County of Dufferin
Community Services at 519.941.6991 Ext. 2110.

https://www.dufferincounty.ca/files/con ... r-2017.pdf

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