So you believed that with the uncertainty in the economy plus the changes to mortgage rules that you would not be able to purchase a home? Think again! I am so proud to announce that the Simcoe County Homeownership Program has made it possible for renters who thought they were out of the home market make that purchase. With the recent improvements to the program described below, you will love how easy it now is to make your dream come true in owing your own piece of the Canadian pie.
Who Qualifies for The Simcoe County Homeownership Plan
Life in Simcoe County is very nice for those who make it their home. This region has been identified as one of the top areas in Canada for economic and new job opportunities. In addition, it has also been awarded the designation of a Growth Centre by the Province of Ontario bringing new funding for civic and corporate initiatives. Simcoe County is a region that spans from Bradford in the South to Orillia in the North and from the furthest tip of Barrie’s East to Collingwood in the West and all points in between. A truly beautiful area where as a resident as well I can’t promote the area enough.
Those who qualify for this program are currently renting the home they are occupying today. And don’t think you have to be a current resident of Simcoe County to apply for this program. You just have to want to make it your new home moving forward. You also must be able to prove that your household’s income before taxes is less than $72,900/year and have no more that 20K in savings. You will have to provide proof of ID and your mortgage approval. I am here to make that part easy.
Simcoe County – Barrie Home Purchase
Let’s say “Ted and Darlene” were prime candidates for this program. Here is what they would need to know when purchasing a home in Barrie. First of all, the assistance funds are available first come, first serve so we have to keep that in mind as we go through the process. Next, the down payment assistance is a maximum of 10% of the eligible purchase price of their new Barrie home to a current maximum house price of $291,814. This meets our couples desire of a nice detached bungalow in a newer area of Barrie. Then we sit down and work on the mortgage qualification to ensure the other 90% of the purchase price is affordable to Ted and Darlene. The beauty of the 10% assistance down payment is that CMHC considers this part of the home’s equity for approval purposes further reducing your mortgage insurance requirements. Once we have the mortgage approval in place, we submit the application for down payment assistance and can close on a purchase in Barrie within the month. Ted and Darlene are now really excited.
Forgiveable Loan for Simcoe County’s New Home Owners
Now you will want to know what happens after you receive the keys to your new home in Simcoe County. You may want to sit down for this one. The loan of up to $29,814 is forgivable after owning the home for 20 years! That is great news. But what happens to those who may have the a life change occur and need to sell their home before. Well if this happens, you will have to repay the original loan plus a percentage of the realized capital gain. If there is a loss when the home is sold, then repayment would be reduced by the amount of the loss. This is all very fair as far as real estate goes and a great opportunity to gain for families looking to put down roots in Simcoe County.
Home Purchase Dream Realized in Barrie
There is nothing more exciting to lower and middle income Canadians than acquiring their very own piece of real estate. A home to call their own and create memories with family and friends. The Simcoe County Homeownership Program was designed to assist you in attaining this dream. I am here to walk you through the process from the first conversation to that handshake when your mortgage loan is complete and you are ready to move in. If you or someone you love is in a place where they would benefit from a hand up into home ownership, here is the link to the Simcoe County Homeownership Application and more information on the program. I am also here to further help you understand the program and help you with your mortgage needs. Happy house hunting!