Down Payment Assistance Program
Down Payment Assistance Program is designed to provide first time home purchasers in the Town of the Blue Mountains with a loan, up to 5% of the purchase price, to assist them in purchasing their own home. The program assists eligible applicants in the purchase of a home that does not exceed the purchase price of $400,000. Program funds are available January 1 annually until funds are exhausted.
Approval for funding is based on the information provided by applicants and conditions for funding include, but are not limited to the following:
- Applicants are first time home purchasers in the Town of the Blue Mountains
- Applicants do not have assets greater than $100,000
- Applicants have a maximum household income of $100,000
- Applicants will use the purchased home as their sole and principal residence
- Applicants qualify for a mortgage (without a co-signor)
On the website below you will find an Application Form which includes an income and asset verification questionnaire (Schedule 1), and a request for information pertaining to the home you are looking to buy. (If the information is available at the time of your application) (Schedule 2). Based on the receipt of this information and compliance with the above noted conditions of participation, the Corporation will provide you with a Conditional Application Approval Letter along with a Down Payment Assistance – Mortgage Approval Form to be completed by your mortgage lender confirming mortgage approval/preapproval with that financial institution (Schedule 3). A form requesting your lawyer’s contact information will also be required in order to complete the financial transfer at time of closing.
Once all the forms are completed please submit them to the attention of:
The Blue Mountains Attainable Housing Corporation
32 Mill Street
Thornbury, ON N0H 2P0
Should you have further questions, please do not hesitate to contact the Blue Mountains Attainable Housing Corporation.
Grey County Funding
- Grey County administers a separate down payment assistance program called Investment in Affordable Housing Homeownership Program which is also available to eligible first time home purchasers in Grey County in which the Town of The Blue Mountains is located. Please note that the two programs cannot be both used for down payment assistance.