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County of Lanark Homeownership Program
- All applicants must be current residents of the County of Lanark. All homes purchased must be located in the County of Lanark. The home must be the sole and principal residence of the purchaser.
- Approvals will be granted on a "first come, first served basis", until all funding has been allocated, or program end date December 31, 2010.
- The maximum allowable household income is $71,800.
- The maximum allowable purchase price is $250,000.
- The maximum amount of the loan for the down payment will be five (5)% of the purchase price.
- Eligible homes may be detached, semi-detached, town (condo & freehold), row houses, apartments, stacked homes, duplexes or year-round mobile homes.
- Funding is available for down payment assistance only, and may not be used for any construction financing.
- This is an application for a forgivable loan which will be registered in the form of a second mortgage on title. The loan will be forgiven and the mortgage terminated 20 years after the purchase of the home if no default has occurred.
- No interest or repayments will be required if the loan is in good standing, however, if any default occurs repayment of down payment assistance and a proportionate percentage of the realized capital gains will be required.
- Purchasers will be required to provide, at their own expense, confirmation that a title search has been conducted to confirm that the property is, at the time of closing, free and clear of registered restrictions, charges, encumbrances and liens.
- Purchasers will be required to provide at their own expense, verification a home inspection has been completed for all resale homes.
- Annual verification of eligibility will be required for the duration of the loan.
- Application must include: two pieces of photo ID and proof of citizenship for each adult who will reside in the home, 2008 and 2009 Notice of Income Tax Assessment for each adult, proof of residency and renter status, and mortgage pre-approval.
Further documentation will be required prior to issuance of funds.
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