The Oxford County Home-ownership program provides financial assistance to qualified low-to-moderate income households. Funding is limited and is available on a first come, first served basis, in the form of a 20-year interest-free loan registered on title and up to 5% of the purchase price of the home.
Down payment assistance is 5% of the purchase price
Eligible Homes Considered
- Homes must be located in Oxford County.
- Purchase price must be at or below $264,619.00
- The County requires that you submit your Agreement of Purchase and Sale within ten business days
of it being signed - …more
Minimum Household Eligibility
- You are currently renting (rental receipt must be provided)
- No household member owns a property or has interest in a property
- You do not owe arrears, housing charges or damages to any other social housing program
- Must provide proof of mortgage pre-approval.
- You are able to pay all closing costs and home inspection fee (if resale home)
- …more
Conditions for Repayment
- No repayment of the loan if home is sold after 20 years.
- The loan is interest-free and forgivable after 20 years, if there are no ‘Events of Default’ (see below).
This means that if you live in the home for 20 years or more, you will not have to pay back the loan. - If your household is selected to receive down payment assistance, you will enter into a Loan
Agreement with the County of Oxford. The Agreement outlines the terms of the loan. The loan you will
receive is 5% of the purchase price of a home. - …more
How to Apply
- Mortgage Pre-Approval – Please contact a mortgage broker, trust company, credit
union, bank or other qualified lender of your choice to apply for a no cost mortgage
pre-approval. - …more