Closed
Source verified April 29, 2026
Homeownership Forgivable Loan
Down payment assistance for eligible homebuyers
Latest source updateLast Update: May 9, 2026Latest change: The Homeownership Forgivable Loan content was replaced with a fuller Homeownership Program description that updates eligibility, repayment rules, and application details.View change
Latest source update
Last Update: May 9, 2026
Latest change: The Homeownership Forgivable Loan content was replaced with a fuller Homeownership Program description that updates eligibility, repayment rules, and application details.
Homeownership Program details updated
The Homeownership Forgivable Loan information now appears as a broader Homeownership Program page with updated program wording, target audience, and eligible-home criteria. The visible content also revises household eligibility, repayment conditions, and application instructions, including how applicants submit materials and contact the program office. Funding support remains up to 10% of the purchase price, but the repayment language and program conditions are more detailed than before, so the terms should be reviewed closely. The new page also emphasizes Simcoe County residency and adds clearer rules for social housing and Indigenous or Aboriginal applicants.
Funding available
$ 10
Deadline
Open continuously
Location
Barrie, Ontario, Canada
Overview
This program provides up to 10% down payment assistance through a 20-year forgivable loan. It supports eligible households buying an owner-occupied home in Barrie or Simcoe County, including eligible new builds and resale properties.
/100
Opportunity Score
Moderate potential, but conditions must align.
At a glance
Funding available
Financing goals
- Increase social or community impact
Eligible Funding
- Maximum amount : 10 $
- Up to 10% of project cost
Funds Providers
Eligible candidates
Eligible Industries
- All industries
Location
- Barrie
- Ontario
Legal structures
- Sole proprietorship
Annual revenue
- All revenue ranges
Organisation size
- All organization sizes
Audience
- Indigenous Peoples
- Rural or Northern Residents
- Canadians
Next Steps
1
Determine your project
2
Validate your eligibility
Activities funded
- Purchase of an eligible home for owner occupancy
- Purchase of a new construction or resale home
Documents Needed
- Mortgage pre-approval
- Completed homeownership application
- Proof of income
- Government-issued photo identification
- Proof of current rental status
Official resources
Eligibility
Who is eligible?
- Current renters in Simcoe County, including Barrie and Orillia
- Low- to moderate-income households
- Individuals and families seeking homeownership
Who is not eligible
- Current homeowners
- Applicants seeking funding for an investment property
- Households buying a property on leased land
- Applicants using more than one homeownership assistance program
Eligible expenses
- Down payment at closing
Ineligible Costs and Activities
- Closing costs
- Mortgage payments
- Purchase of an investment property
- Construction costs on land already owned
Eligible geographic areas
- City of Barrie
- Simcoe County
- Orillia
Selection criteria
- Applications are considered based on eligibility and funding availability.
- Some funding is prioritized for Social Housing or Indigenous/Aboriginal households.
- Eligible applications may be placed on a first-come, first-served waitlist.
How to apply
- Step 1: Get mortgage pre-approval
- Contact a mortgage broker, bank, credit union, trust company, or other qualified lender.
- Step 2: Complete the application
- Fill out the homeownership application form.
- Attach all required supporting documents.
- Step 3: Submit the application
- Send the application to the County of Simcoe in person, by mail, or by email, as indicated by the program.
- Step 4: Await review and funding decision
- Incomplete applications are returned.
- Applicants may be contacted about funding availability or the waitlist.
Processing and Agreement
- Applications are reviewed after submission for completeness and eligibility.
- Incomplete applications are returned.
- Applicants may be placed on a waiting list if funds are not available.
- A loan agreement must be signed before funding is advanced.
Additional information
- Only one homeownership assistance program can be used at a time.
- Funding is limited and applicants may be placed on a waiting list.
- Some funding is reserved for Social Housing and Indigenous/Aboriginal households.
- The loan is forgivable after 20 years if program conditions are met.
Contacts
Frequently Asked Questions about the Homeownership Forgivable Loan Program
What is the Homeownership Forgivable Loan?
This program provides up to 10% down payment assistance through a 20-year forgivable loan. It supports eligible households buying an owner-occupied home in Barrie or Simcoe County, including eligible new builds and resale properties.
How much funding can be received?
Homeownership Forgivable Loan Funds up to 10% of admissible expenses, capped at $10 per project.
Who is eligible for the Homeownership Forgivable Loan program?
To be eligible for the Homeownership Forgivable Loan program, you must:
Current renter in the area
No current home ownership
Income and asset limits apply
What expenses are eligible under Homeownership Forgivable Loan?
Purchase of an eligible home for owner occupancy
Purchase of a new construction or resale home
Who can I contact for more information about the Homeownership Forgivable Loan?
You can contact City of Barrie by email at iah@simcoe.ca or by phone at 705-725-6901 x1119.
Where is the Homeownership Forgivable Loan available?
The Homeownership Forgivable Loan program is available the province of Ontario.
Is the Homeownership Forgivable Loan a grant, loan, or tax credit?
Homeownership Forgivable Loan is a Loans and Capital investments