If you are hoping to be a first time homebuyer in The Blue Mountains, you are in luck, as a new program was recently launched that will get you into the market. The Down Payment Assistance Program was launched by the Blue Mountains Attainable Housing Corporation in an effort to assist first time homebuyers in the area buy a home. Their mandate as a not-for-profit corporation is to help residents attain healthy, sustainable and affordable housing in the area, but by using advocacy and community based leadership. The recent launch of their program is definitely a great step in the right direction.
What is the Down Payment Assistance Program?
This program will provide qualified applicants with a loan for 5% of the purchase price of their home in The Blue Mountains, to a maximum of $20,000. This loan is interest free for 20 years, at which time homeowners are expected to pay it back. The loan will help out those prospective homebuyers who may be renting or having trouble coming up with a good down payment for their first home.
What do I need to do to qualify?
There is an application process and your income and assets will be verified. In order to qualify, you must never have bought a home prior, so are the true definition of a first time homebuyer. You must buy a home in The Blue Mountains with a purchase price of less than $400,000 that will be your sole and primary residence. Your maximum household income can’t exceed $100,000 and your assets can’t exceed that amount either. You also have to be able to qualify for a mortgage without a co-signer so it is best to get pre-approved before beginning your home search or the application process.
How long do I have to apply?
This program does have limited funding, so it will be assessed at a first-come, first served basis. Once the funds are depleted, the program will close, so if you are interested in buying a home in The Blue Mountains, you should start the process as soon as possible.
How do I find a qualifying home?
There are a number of great options available now in The Blue Mountains that will suit the qualifications for this program. Your first step is to find a great real estate professional in the area who has the knowledge and know-how to find you the perfect home under $400,000. On my site, you can easily search by area and price, where you’ll see some great family homes and condos.