Downpayment Assistance Program

Downpayment Assistance Program

This program provides financial assistance in the form of an interest-free loan for the purchase of a home in The Town of Blue Mountains.

Are You Eligible To Apply?

Eligibility criteria have been based on the “County of Grey Housing Data 2015 Update”.

To be eligible for down payment assistance in the form of a repayable loan up to $19,300, prospective purchasers must:

  • qualify and obtain a bank or credit union mortgage
  • purchase a sole and principal residence in The Blue Mountains
  • be first-time purchasers in The Blue Mountains
  • as determined by the 6th decile in the Housing Data 2015 Update, have a household income at or below $92,955 as determined by The Blue Mountains Housing Corporation, thereby qualifying for a maximum home purchase of $386,420
  • be 18 years of age

Eligible Unit Types

Both resale and new homes will be eligible for funding for program.

Funding

Funding is limited and will be available on a first-come, first served basis.

The interest-free loan amount will be a maximum of 5% of the purchase price of your home up to a maximum of $19,300.

Capital is to be repaid after 20 years of occupancy or upon the following circumstances: sale of property, refinancing, mortgage default or the unit is no longer the principal residence of the purchaser

How to Apply

Print Application or contact The Blue Mountains Attainable Housing Corporation for an application

Downpayment Assistance Program
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