Oxford County Looking to Make the Dream of Owning a Home, a Reality

Thursday, 10 March 2022 10:59

Residents can apply for the Home Ownership program, which offers interest free down payment assistance loan of up to five percent, on a home valued at $425,000 or less.

OXFORD COUNTY - Oxford County is looking to make the dream of owning a home, a reality.

Oxford residents can apply for the Home Ownership program starting on March 14. This programs provides eligible buyers with a down payment assistance loan of up to five percent, on a home valued at $425,000 or less. The County has limited funds for this program and it is based on a first come, first serve basis.

Warden Larry Martin says we have lacked affordable housing for years and this program is just one step in ensuring everyone has a place to call home in Oxford County.

"Providing affordable housing and more opportunities for residents to become homeowners is a priority for our Council and we will continue to offer tools, such as the Home Ownership Program, to address this important community issue."

The program offers a 20 year, interest free loan. It is designed to help low-to-moderate income households in Oxford County purchase their first home. In turn, this also helps to free up additional rental units, which are in high demand right now.

The program started in 2007 and has helped 171 families with down payment assistance loans to the tune of $1,977,005.

Manager of Housing Development, Oxford County Rebecca Smith says if you want to own a home, but cannot come up with a down payment, this program can help.

"This program exists for residents that can afford the monthly cost of home ownership but are unable to come up with enough money for a down payment. The program is supported by our 10-Year Shelter Plan which includes a variety of housing and homelessness strategies across the housing continuum."

The program recently had some changes to the eligibility criteria, increasing the amount of household income eligible to apply and the cost of home as well. Smith says you do have to be a first time home buyer to qualify.

"So that means first time home buyers can really get a maximum down payment assistance loan of $21,000 for their first home. It is a forgivable loan, if you live in the house for a 20 year period. The household income of the household to apply would have to be less than $92,700, which is our median number for Oxford County."

You can find more details on how to apply and the eligibility criteria on the Home Ownership Program webpage.

You can also pick up an application form from Customer Service at Oxford County Administration Building in Woodstock.