Funds available for first-time home buyers
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A program offered through Haldimand-Norfolk Housing Services aims to take some pressure off first-time home buyers.
The organization issued a release this week reminding residents in both counties that the Home Ownership Program remains open and funding is available for qualified applicants.
The program provides down payment assistance to low-to-moderate income households looking to purchase a home. Funding is provided in the form of a 20-year interest-free loan on title and up to 10 per cent of the purchase price.
Haldimand-Norfolk Housing Services generally receives between 15 and 20 applicants per year. In 2018, 14 applicants have been approved but only two have closed on homes.
“There’s still a substantial amount of funding left for folks, I would say just over half,” said Tricia Givens, program manager of housing services. “There’s still an opportunity for new people to apply and gain the funding.”
Applicants must be first time home buyers. They must also be currently renting a home, be at least 18- years of age and have a combined gross income of $82,800 or less. The household must be eligible for a mortgage and the purchase price of the home must not exceed $372,730 (maximum purchase price is updated on a quarterly basis). A home inspection is required for resale homes.
“What we’re seeing is, folks are buying around the $250,000 mark just based on their income,” said Givens. “We recognize it’s becoming harder and harder to find affordable home-ownership opportunities.”
Being able to help families through the process of purchasing a home is a rewarding experience, Givens explained.
“It’s a wonderful feeling,” she said. “To watch folks go from renting to owning their first home. It’s wonderful sitting down with them and signing off the paperwork and helping them on their journey.”
Givens said families that are approved for funding tend to show a “cautious optimism” because finding the perfect home isn’t as easy as it used to be.
“Those who have been fortunate enough to do it know it’s a stressful time,” said Givens. “So we try and be very clear in our communication in supporting folks whether it’s communicating with banks and helping to make it as easy as possible recognizing it is a stressful process.”
The application is available online at hnhousing.org/affordable-housing/homeownership-program. For more information, contact the Housing Resource Coordinator at 519-426-6170 or 905-318-6623 ext. 3235.
The process, said Givens, is quick and painless.
“We hope that more folks will apply,” Givens added.
“Get your paperwork in, it is as straightforward as it seems online.”
jrobinson@postmedia.com
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