Lambton County Home Ownership Program
Your first home could be closer than you think. What if owning your first home was within reach? What if turning rent into mortgage payments could be a reality? With a new and innovative program you could move into your first home faster. The Homeownership Program can help you with up to 10% (effective October 1, 2008) in downpayment assistance, up to a maximum $15,000.The Homeownership Program is a partnership amongst the Government of Canada, the Province of Ontario and the County of Lambton. Through it, qualifying homebuyers will be provided with downpayment assistance in the form of up to 10% of the cost of an eligible home (up to a maximum $15,000) under the program and no interest will be charged on the assistance (conditions apply). Eligible purchasers will be selected from those who meet the income requirements, other program criteria and are qualified for a mortgage at a recognized NHA financial institution.
http://www.lambtononline.ca/home/residents/housingservices/Pages/HomeownershipProgram.aspx
Lambton County School Details
For home owners over 64 years old
Beginning in 2009 the Ontario Senior Home Owners’ Property Tax Grant will be provided to help eligible senior home owners with low and moderate incomes pay their property taxes. Max grant in 2009 is $250, increasing to $500 in 2010 and subsequent years.
Senior couples with $250 or more in property tax in 2008 and incomes of up to $45,000 will receive the maximum grant in 2009. If income is between $45,000 and $60,000 the grant will be proportionally smaller.
Single seniors with $250 or more in property taxes in 2008 and incomes of up to $35,000 will receive the maximum grant in 2009. Income between $35,000 and $50,000 will receive a proportionally smaller amount.
To receive the grant the applicant must own and occupy a principal residence in Ontario and must have paid property taxes in 2008. Applications for the 2009 grant will be contained in the 2008 personal income tax return packages, or online (form #ON479)
—Home Buyers Plan http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/menu-eng.html
◦Using RRSP money for down payment
◦Personal income tax credit line 369
