Attn: Simcoe Country Renters! Get 10% Down Payment for free with this government Program
For many modest-income Canadians, saving up the 5 percent minimum down payment can take years. While some are able to rely on gifts from parents/family or loans from family, RRSP withdrawals or borrowing on credit, unfortunately these options aren’t available to everyone.
That’s where government down payment programs come in. Scattered across Canada, these little-publicized municipal and provincial programs are helping first-time home buyers fund their down payments and make the transition from renter to owner.
Barrie (Simcoe County)
Program: Homeownership Program
Details: This program offers 10 percent down payment assistance in the form of a forgivable loan.
Must provide proof of gross household income at or below $75,100
If the home is sold before 20 year period expires, you must repay the original loan plus 10% of the realized capital gain. Keep in mind the home would have increased in value considerably after 5 years, so this is really not a big deal. If the house is sold after 5 years, you would have this amount in equity.
Visit their site to register. http://www.simcoe.ca/dpt/sh/apply-for-the-homeownership-program