Home Ownership Program

• Applicants must be at least eighteen (18) years old
• Applicants must be current renter households in Dufferin County
• Applicants must have a gross current household income at or below $109,000 (single), $132,000 (two or more)
• Applicants must be eligible for financing from a financial institution for the first mortgage
• Applicants must have a completed Purchase and Sale Agreement for a home at or below $609,118
• Home ownership loan amount is 10% of the purchase price to maximum of $60,911 and is registered as a second mortgage
• First mortgage and second mortgage combined cannot exceed the purchase price of the home
• Home must be within the County of Dufferin
• Home must be sole residence and not used for rental income

* No higher than the Annual Maximum Household Income Level per Ministry of Housing. Subject to Change.

The purchasing household must be a renter household and meet the following criteria:

• Be a Canadian citizen or landed immigrant under the Immigration and Refugee Protection Act (Canada)
• Be a minimum 18 years of age
• Combined gross household income at or below $109,000.00 (single), $132,000.00 (two or more)
• Must not currently own a home or have a legal interest in a property
• Must be buying a sole and principal residence within the County of Dufferin
• Have assets of no more than $30,000.00
• Must not owe any social housing arrears, including damages
• Be able to secure financing on the property
• Be able to provide proof of insurance at time of purchase
• Must be a current rental household in Dufferin County

Units eligible under the Homeownership program must meet the following criteria:

• Homes eligible under this program include: new or resale homes; detached, semi-detached, townhouses, stacked or condominiums
• A single-family residential home
• The selling price of the home must not exceed $609,118.00
• A home inspection is required at homeowner’s expense if purchasing a re-sale home

Applicants for down payment assistance must provide the following:

• A completed Homeownership Application form (provided below)
• Proof of status in Canada
• Two (2) pieces of photo identification for the purchaser(s)
• A copy of your most recent complete income tax return with the Notice of Assessment
• Proof of current income (letter from employer, pay stubs, etc.)
• Verification of Assets (e.g. bank statements or passbook copies, investment statements, etc.)
• Rent receipts confirming current rental status
• A Mortgage Approval letter verifying eligibility for financing from a reputable bank or credit union
• An accepted purchase and sale agreement for a home under $609,118

Applicants are required to submit all documents along with the completed Purchase and Sale Agreement. Upon review of eligibility, successful applicants will be provided with a conditional approval letter. Final approval will be granted only when final completed mortgage documents are received and reviewed. The closing date for the purchase must be at least thirty (30) days so that our office can process the down payment assistance loan.
Please note preapproval will not be granted prior to a completed Purchase and Sale Agreement. All approvals are at the Service Manager’s discretion.

• Purchasers will be selected chronologically upon receipt of all required documentation, through a fair and open process.
• Purchaser must sign to confirm receipt and understanding of the CMHC’s Homebuying Step by Step: Everything you need to buy a home in Canada and CMHC’s Homebuying Step by Step: Everything you need to buy a home in Canada – Workbook and Checklists (to be provided to the purchaser by The County of Dufferin)
• The purchaser must comply with an annual declaration or letter confirming program compliance.
• The purchaser must submit annually, proof of insurance for the Homeownership unit.
• If the homeownership unit is owned by the eligible purchaser for the maximum twenty (20) years, the loan will be forgiven.
• If a homeownership unit is sold before the twenty (20) year period expires, the homeowner is required to repay the original loan and a percentage of the realized capital gain.
• If a Homeownership unit is sold for less than the original purchase price, the repayment amount may be less than the amount borrowed.
• First mortgage and second mortgage combined cannot exceed the purchase price of the home.
• Additional criteria and supporting documentation are at the discretion of the Service Manager.
• Applicants may not have accessed the Dufferin Homeownership in the past.
• If a purchaser ceases to occupy a homeownership unit as a sole and principal residence within twenty (20) years of the date of purchase, it is deemed a sale and the original loan plus the loan percentage of the capital gain is payable.