The Homeownership Program

There is now, once again, a limited amount of funding available for the Homeownership Program. See details below.

Your first home could be closer than you think.  What if owning your first home was within reach?  What if turning rent into mortgage payments could be a reality?  With a new and innovative program you could move into your first home faster.  The Homeownership Program can help you with up to 10% in downpayment assistance.

The Homeownership Program is a partnership amongst the Government of Canada, the Province of Ontario and the County of Lambton.  Through it, qualifying homebuyers will be provided with downpayment assistance in the form of up to 10% of the cost of an eligible home under the program and no interest will be charged on the assistance (conditions apply).  Funding for this program is on a first-come-first-served basis until all funding is allocated.  Eligible purchasers will be selected from those who meet the income requirements, other program criteria and are qualified for a mortgage at a recognized NHA financial institution.

To qualify for the downpayment assistance, applicants must:

• be Canadian citizens OR granted status as a Permanent Resident under the Immigration Act OR made a claim for Refugee status under the Immigration Act
• be a renter household buying a sole and principal residence
• be looking to purchase a new home or a resale home valued at no more than $198,137
• have a maximum household income of $76,300
• have less than $25,000 in assets
• be pre-approved for a mortgage from a recognized lending institution

The following are NOT ELIGIBLE for assistance:

• Persons seeking funds to offset construction costs on land they currently own
• Applicants requiring a co-signor
• Private mortgages

Homes eligible under this program must:

• be a new construction unit or resale home (detached, semi-detached, townhouse, apartment, condo…etc)
• New construction units must qualify for Tarion's new home warranty
• A home inspection by a qualified professional Home Inspector is required, at your expense, for a resale home
• Mobile homes are NOT eligible

The Housing Services Department encourages those interested to submit completed applications along with photocopies of the following four (4) pieces of documentation:

1. Birth certificate;
2. Driver’s License;
3. 2010 Notice of Tax Assessment from Revenue Canada;
4. Mortgage Pre-Approval from a recognized NHA Financial Institution.

If an applicant is deemed eligible for the downpayment assistance, the following minimum additional documentation is required:

• Two (2) photocopies of the Purchase of Sale Agreement
• Completion of the Loan Agreement
• For resale homes, a Home Inspection Report by a qualified professional Home Inspector is required, at the applicant's expense
• Confirmation project does not impose adverse environmental impacts that cannot be mitigated

Completed applications along with required documentation can be dropped off at the County of Lambton Housing Services Department.  The office is located on the 2nd Floor of the Bayside Centre in Sarnia (150 N. Christina Street) and is open Monday - Friday, 8:30 a.m. - 4:30 p.m.

Contact:        

Maria Cossa-Rossi
Project Coordinator, Housing Services Department
County of Lambton
Telephone: 519 344-2062 ext 2165
email:  maria.cossa-rossi@county-lambton.on.ca