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Northumberland county

Program

PROGRAM CRITERIA

Down Payment

Our program requires a $2,000 downpayment. We loan the remainder to make up the 5% down payment. The loan we provide for the down payment is interest-free and only repaid when you sell your home.

Customer Eligibility

In order to be eligible for this program you must have the following:

  • Your combined household income is below $135,000.
  • You work within Northumberland County or starting work within Northumberland County.
  • You complete our registration & requirement process.
  • You can qualify for a mortgage and gain funding approval from a bank.
  • You provide the $2,000 down payment (we pay the remainder of the down payment).
  • You live in the home.
  • It’s your only home.
  • Your assets are less than 20% of the home’s purchase price, up to a maximum of $70,000 (your primary vehicle, RESP, RRSP, or pension don’t count against you).

 

Your pathway to Home Sweet Home

Frequently Asked Questions
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Future Equity

Years of Ownership

Your Equity Share
*0-1 Year (0%, but you are eligible for the Principal Mortgage Amount Paid against the mortgage during the first year, if the home has appreciated in value)
*1-3 Years (25%)
*3-5 Years (50%)
*5+ Years (70%)

*NWH retains the first right of purchasing your home back, upon you deciding to sell your home.