Affordable Homeownership Loan Program Still Accepting Applications

The City of Stratford Social Services Department recently re-launched its Affordable Homeownership Loan Program, which provides qualified low to moderate income households with down payment assistance loans of up to 5% of the purchase price of a home.

Applications are still being accepted for this year.

The maximum household income limit for applications to the 2020 Affordable Homeownership Loan Program is $88,400 if applying as a couple or family, and $74,600 if applying as an individual. The current maximum purchase price of an eligible residential property for 2020 is $396,045. Also, a home inspection is a mandatory condition of receiving a loan.

Completed applications will be reviewed within 5 business days of submission, and qualification will be determined on an as-submitted basis. Qualification for the program does not guarantee that the applicant will receive funding, and preference will be given chronologically to applications that are complete and eligible. Please allow for a minimum of 10 business days for processing of paperwork between Loan Allocation and the Agreement of Purchase Date.

For more information about the Affordable Homeownership Loan Program, and an application form, please visit our Housing Page or call (519) 271-3773, extension 250.