The Dufferin County Homeownership Component program is designed to provide moderate income individuals and families with an interest-free down payment assistance loan to help them in purchasing their own home.
The Dufferin County Homeownership is an affordable housing program and might provide you with an interest-free down payment assistance loan of up to five percent (5%) of the cost of an eligible home, to a maximum of $20,000.00.
To be eligible for down payment assistance you must be a renter household and meet the following criteria:
Combined gross household income at or below $88,000
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 $20,000.00
Must not owe any social housing arrears, including damages
Gifted down payment are funds given to a mortgage applicant by an immediate family member to be used to qualify for a mortgage or simply to lower the mortgage amount. It is a very common and popular mechanism used by parents or siblings to support their family members financially without expecting the support being paid back
If you are planning to buy a home using a gifted down payment, you need to understand who can this Gifted down payment may come from, and, what are the mechanisms to be followed for it to be accepted.
The Government of Canada recently announced the minimum down payment requirement will be increased from 5% to 10% on the portion of a purchase price for a property that is above $500,000 but less than $1 million on insured mortgages. This change will take effect on February 15, 2016.
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Who can offer a Gifted down payment?
Immediate family members (i.e. parent, grandparent or sibling). Gifts from spouses are not acceptable.
How can a Gifted down payment be used?
A Gifted down payment can be used provided that the funds are properly verified, are non-repayable and all other characteristics of the borrower are acceptable. In most cases Gifted down payment is required to be on the applicants’ account 15 days until the time of closing.
A letter must contain the following information
The amount of the gift
A statement that the gift is non-repayable and is from non-borrowed funds
The full names of the mortgagor and Giftor (s),
The relationship between the mortgagor and the giftor(s) and
The reason for the gift.
The deposit or cheque confirming the funds have been received must be obtained.
Acceptance of Gifted down payment is subject to verification
The Region of Waterloo affordable home ownership offers to allocate for families and individuals with the 5% down payment in a forgivable loan to help them purchase a home with the intention of living in it.
The residential property must be:
In the Region of Waterloo
A maximum purchase price of $243,300
Approved by the region of Waterloo
To be eligible to qualify for this program families and individuals must:
The non owner occupied rental mortgage loans help you qualify by adding the monthly rental income to your current income. As a result you are able to purchase or refinance a rented property and let the property pay for itself with the rent
Scenario: You currently have a steady job or business, a decent credit score, some savings but no time to start another business or job, and you would like to earn residual income from a real estate property.
The non-owner occupied rental mortgage is designed for those who would like to become real estate investors.
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New to Canada Mortgage is for people who have immigrated or relocated to Canada within 60 months, offers credit record or history flexibility, lower down payment required than a conventional mortgage.
The New to Canada mortgage is for the new immigrants that have obtained landed status and have not already owned a house It presents the opportunity to start owning a home instead of renting.
The following are some borrower qualifications for the New to Canada Mortgage:
High ratio secured mortgage loans with only 5% Down payment from own resources; For LTV’s less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy. (3 years landed immigrant)
Or Conventional unsecured mortgage loan with 35% Down payment or more from own resources.
Amortization up to 30 years in Conventional & 25 years insured mortgages
No 3rd party/Guarantors
Number of units, Max 2
Must provide valid work permit or verification of landed immigrant status
International Credit Report or 2 alternative sources of credit
Bank reference letter or 6 months bank statements
3 months minimum full-time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)