Paying rent and saving for a down payment can seem near impossible. I constantly hear, “I would love to own a home, but I can’t afford both rent and saving”. Oxford County may have a solution to this problem for you.
The Oxford County Home Ownership Grant Program is meant for those of mid to lower income, currently renting and looking for a way to break into the housing market.
The funding for this program is limited, and distributed on a first-come first-serve basis. The program contributes to your down payment in the form of a 20-year interest-free loan registered on title and up to 5% of the purchase price of the home. You can qualify for a mortgage with only 5% down, so this can possibly cover your entire down payment.
- You are 18 years old or older
- Your total household income before deductions is less than $56,250 a year
- You are currently renting (rental receipt must be provided)
- You do not owe arrears, housing charges or damages to any other social housing program
- Your total household assets are below $20,000
- No household member owns a property or has interest in a property
- You are able to pay all closing costs and home inspection fee (if resale home)
- You qualify for a mortgage
Contact me today to get qualified and get on your way to owning a home.