🏡 Home Ownership Program (Oxford County) – Explained

The Home Ownership Program is a down payment assistance program designed to help first-time buyers who can afford monthly payments but struggle to save for a down payment.

💰 How Much Money Do You Get?

• Up to 5% of the purchase price
• Maximum around $20,000–$21,000
• Given as a 20-year interest-free loan

✅ Example:
If you buy a $400,000 home → you could receive $20,000 toward your down payment

🧾 Do You Have to Pay It Back?

Here’s the key part:

• 0% interest (huge benefit)
• Registered on title (like a second mortgage)
• Forgiven after 20 years if you stay in the home

⚠️ You may have to repay it if:

• You sell early
• You refinance improperly
• You move out or rent the property

✅ Who Qualifies?

To be eligible in Oxford County, you generally must:

• Be currently renting
• Be a first-time home buyer (no property ownership)
• Have income under ~$119,800
• Have assets under ~$40,000
• Be able to qualify for a mortgage
• Be buying a home under $425,000

🏠 What Homes Qualify?

• Must be located in Oxford County
• Purchase price typically under $425,000
• Can be resale or new build

⚠️ Important Things Most Buyers Don’t Know

This is where you can stand out 👇

1. Funding is LIMITED

• First come, first served
• Waitlists are common

2. You STILL need closing costs

• Lawyer fees
• Land transfer tax (minus rebate)
• Inspection

3. You need mortgage pre-approval FIRST

• This program doesn’t replace financing
• It just helps with the down payment

🧠 How Smart Buyers Use This Program

The best strategy is to combine it with other incentives:

✔ FHSA (tax-free savings)
✔ RRSP Home Buyers’ Plan
✔ First-Time Buyer Tax Credit
✔ Ontario Land Transfer Tax Rebate

👉 This can dramatically increase affordability

🎯 Who This Program is PERFECT For

This is ideal for buyers who:

• Have good income but low savings
• Are stuck renting
• Can afford monthly payments—but not the upfront costs

🏁 Bottom Line

The Home Ownership Program in Oxford County is one of the most powerful tools available locally for first-time buyers.

👉 It can be the difference between:

• Waiting years to save…
  vs.
• Buying a home much sooner

Want to learn more about the Oxford County Home Ownership Program? I can connect you to one of the trusted Mortgage Professionals in my network - reach out today!

Teighan Morris, Realtor®

The Realty Firm., Inc Brokerage

226-232-7003

teighan@therealtyfirm.ca