Three down payment assistance programs
In Grey County, there are two funding programs that provide a free 5% down payment for long-term ownership in the form of a non-repayable loan. Simcoe County has it’s own down payment assistance program.
The rules vary for each program but the general guidelines are:
- Property must in be in the Town of the Blue Mountains, Grey County, or Simcoe County
- Asset limits may apply; check program for details
- Maximum household incomes apply
- Purchased home will be the sole and principal residence
- Applicants must be able to quaify for a mortgage without a co-signor
The loan is recognized as equity, or a cash down payment equivalent, by CMHC and lenders. The programs are available every year starting April 1 and continue until spent. Put your name on a waiting list early to avoid disappointment.
Contact our office for more information on becoming a home owner.
Secondary suites grant program
This program is offered by the Town of Blue Mountains to assist local homeowners with the costs to create a secondary rental suite in their primary residence. A maximum of 10% of the renovation cost is allowed to a maximum of $5000. Here are some of the terms and conditions:
- Applicant must be 18 years of age or older
- Property must be in the Town of The Blue Mountains
- Property taxes must be up-to-date
- Creation of the secondary suite must comply with all municipal/building regulations
- Applicant must be the owner of a single detached, semi-detached or townhouse dwelling on serviced property, or a detached building accessory to any of these dwelling types
- For an applicant on a rural property, an accessory apartment is permitted within a detached structure or accessory detached building
To apply, visit The Blue Mountains Attainable Housing Corporation website.
Questions? Please feel welcome to contact me any time. I have experience with these programs and would like to help you find your first home.