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Thursday, 20 November 2014

Kawartha Lakes Offers Free Down Payments! Apply NOW!

Kawartha Lakes Renters Get Up To $26,992.50 FREE!

Renting in Kawartha Lakes? Never owned a home? Eligible for a mortgage? Income below $72,100 ? You could get a free downpayment from City of Kawartha Lakes! FTC Disclosure: Kawartha Lakes Mums welcomes family friendly advertising including affiliate links that meet with our editorial guidelines. This helps us put food on our table at no additional cost to our readers. How does this work?
Kawartha Lakes Offers Free Down Payments!

Here is the press release from City of Kawartha Lakes.

Kawartha Lakes 2014 Homeownership 10% Downpayment Assistance Program

If you’re renting and have been dreaming of owning your own home but don’t have a down payment in the bank, there may be help. The City of Kawartha Lakes is participating in the Homeownership Component of the Investment in Affordable Housing for Ontario – 2014 Extension which was developed to assist low- to moderate-income rental households to purchase affordable homes.
 “The Homeownership program provides up to 10% in down-payment assistance to eligible applicants to a maximum of $26,992.50,” said Hope Lee, Manager of Housing. “We currently have funding in the amount of $100,000 to assist people in the City of Kawartha Lakes and the County of Haliburton move into homeownership.”

Kawartha Lakes Home Ownership Downpayment Program Qualifications

Do you qualify for the Home Ownership Downpayment Program?
Applicants must be renting, be at least 18 years old, have a gross household income at or below $72,100 and be eligible for financing from a financial institution. The selling price of the home must be at or below $269,925.
Applicants must also be a first time home buyer and the home must be located in the City of Kawartha Lakes or the County of Haliburton. The down-payment assistance is in the form of a second mortgage. As long as the home remains the sole and principal residence for 20 years the household never makes a payment and the mortgage is totally discharged at the end of 20 years. If the household needs to sell they would be required at the time of closing to pay back the down-payment assistance and 10% of any recognized capital gains. Applications can be obtained online at the link below in related links. or from the City of Kawartha Lakes Housing Department.  For more information please call 705-324-6401.
Will you be applying for a free down payment?
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