Fillable HOMEOWNERSHIP CRITERIA SHEET The Dufferin Homeownership Program provides (Dufferin County)

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HOMEOWNERSHIP CRITERIA SHEET The Dufferin Homeownership Program provides (Dufferin County)

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May 2020
30 Centre Street, Orangeville, ON L9W 2X1 | 519.941.6991 | dufferincounty.ca
HOMEOWNERSHIP CRITERIA SHEET
The Dufferin Homeownership Program provides an interest free down payment assistance loan of up to
ten percent (10%) of the cost of an eligible home, up to a maximum of $60,911.00.
Purchaser Eligibility Criteria
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 $114,500.00
• 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 $22,750.00
• 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
Unit Eligibility Criteria
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
Application Process
Applicants for down payment assistance must provide the following:
• A completed Homeownership Application form
• 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 $609,118.00
May 2020
30 Centre Street, Orangeville, ON L9W 2X1 | 519.941.6991 | dufferincounty.ca
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.
Conditions
• 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.
May 2020
30 Centre Street, Orangeville, ON L9W 2X1 | 519.941.6991 | dufferincounty.ca
HOMEOWNERSHIP APPLICATION
For further information contact 519-941-6991 ext 2110
TO BE COMPLETED BY HOME PURCHASER (S)
Mr. Mrs. Miss Ms.
Last Name
First Name
Date of Birth
Your status in Canada (attach proof to the application):
Canadian Citizen Permanent Resident Refugee Refugee Claimant
Mr. Mrs. Miss Ms.
Last Name
First Name
Date of Birth
Your status in Canada (attach proof to the application):
Canadian Citizen Permanent Resident Refugee Refugee Claimant
Address – Street Number and Street Name
Unit No.
City
Postal Code
( ) -
Home Phone
Email:
___________________________________
( ) -
Cell Phone
Please provide an alternate contact name and daytime phone number where we can leave a message
if we need to reach you.
Name: ___________________________ Daytime Phone: ___________________________ Relationship: _____________________
Are you currently on the Dufferin County waiting
list for community housing?
Yes No
Do you currently own a home or have legal
interest in a property? Yes No
Are you currently in rental accommodation?
Yes No
Please provide the following information for your current Landlord.
Landlord’s Name: _____________________________________________
Landlord’s Address: _____________________________________________________________________________________________
Phone/Contact No.: ___________________________________________
Name of Present Employer (Purchaser #1)
How Many Years with
Present Employer
Name of Present Employer (Additional Household members)
How Many Years with
Present Employer
May 2020
30 Centre Street, Orangeville, ON L9W 2X1 | 519.941.6991 | dufferincounty.ca
Have you ever lived in rent-geared-to-income housing anywhere in Ontario? Yes No
If yes, please give details below. Use extra paper if necessary.
Name of Landlord: _____________________________________________________________________________________
Former rental address:___________________________________________________________________
City: _____________________________ Postal Code: ____________________ Arrears Owing: $ ______________
Move in date: ___________________ Move out date: __________________
What is your total yearly gross household income? (This is the amount prior to any deductions.)
$ ___________________
A household includes i) the individual, ii) any person with whom the individual is living in a spousal
relationship (including same-sex spousal relationships), and iii) any person over the age of 17, expected to
be normally present with the individual at the time of first occupancy of the home.
Proof of income is required. Applicants must provide a copy of most recent complete income tax return
with Notice of Assessment and proof of current income (e.g. letter from employer, pay stubs, etc.)
What are your household’s total assets? Include bank accounts, investments, properties, etc.
Proof of assets must be provided. (e.g. bank statements or passbook copies, investment statements, etc.)
$ ___________________
INFORMATION PERTAINING TO NEW HOME PURCHASE
Have you signed an offer to purchase a home? Yes No Attach full Purchase and Sale Agreement
Location:
Address – Street Number and Street Name
Unit No.
City/Town
Postal Code
Building Type:
Detached Semi-Detached Townhouse Duplex Stacked Rowhouse Condominium
Is the home:
A new home, not previously occupied? Yes No
A resale home where the purchaser has undertaken or will undertake a home inspection at his or her own
expense? Yes No
What is the listed price of the home? $ ______________________________
What is the scheduled closing date? _______________________________
Personal information contained in this form or any attachments hereto is collected by the County of Dufferin for the purpose of determining initial and
ongoing eligibility for homeownership funding – investment in affordable housing for Ontario in accordance with the Municipal Freedom of
Information and Protection of Privacy Act. Any questions regarding the collection or release of this information should be directed to the County of
Dufferin, 30 Centre Street, Orangeville, Ontario L9W 2X1
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HOMEOWNERSHIP CRITERIA SHEET The Dufferin Homeownership Program provides (Dufferin County)

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Completed 8 April 2021

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