Guidelines are strict as you must qualify for a mortgage based on credit score
There are many homes available in Oxford County in the range of $214,000 or less, which could be yours
By
Mark Schadenberg
All
loans must be eventually paid back, but if the terms of the contact are
attractive, the risk is therefore quite low and the idea of borrowing a certain
sum of money becomes quite an attractive idea.
The
County of Oxford is currently offering interest-free loans for a down payment
on a home and the stars do align as this system most certainly makes
sense.
Read
all the conditions and rules as noted in the website post, but if you want to
be a home owner, you possess a good credit record, do not have a large unpaid
debt (including credit cards and student loans), and are employed, this could
be the ideal program.
You
must qualify to buy a home and its purchase price must be about $214,000 or
less (entry-level purchase), and it must be located in Oxford County, and you
must have the financial ability to afford the closings costs. After those
requirements, this loan program is otherwise a sound investment in yourself and
your future.
The
20-year interest-free loan you receive from the County of Oxford would be
registered on title of the home you buy.
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The
funding is available through the provincial and federal governments, and the
program is managed by the County’s housing department (Affordable Home Ownership
Program), and it’s first-come first-serve so don’t wait too long to apply as
funding is limited.
One
important facet of the program is that you must buy a home, which has been
inspected as part of the conditions of the accepted Offer. In other words, the
quality of the home itself can be considered part of the overall eligibility.
Once
you receive your letter of commitment that you are eligible for the program,
you must buy a home within 90 days. I’m sure this particular rule or guideline
is in place as your credit score could change in the meantime.
The
double good news here is that first-time buyers continue to be eligible to
receive a rebate (On your income tax return) on land transfer tax that was paid.
This
is not the first time ever a similar program was available as I recall back in
2009 it was set up and at that time the most you could purchase a home for was
about $197,000.
The
idea is obvious – creating home owners at the entry-level of purchasers. There are
many people with low debt and a good job who simply do not have a down payment saved.
Another
nice part about this program is that home buyers can assist other young home
buyers of the future as the monies received from loans getting paid back, can
be routed back into the system in what is described as a Revolving Loan Fund.
If
you might be in position to take advantage of this program, let me know so we
can start house hunting today, and also going through the approval paperwork,
and getting pre-approved for a mortgage.
LINKS:
Mark Schadenberg, Sales
Representative
Senior Real Estate Specialist
(SRES designation)
Royal LePage Triland Realty
Independently Owned & Operated, Brokerage
757 Dundas St, Woodstock
(519) 537-1553, cell or text
