You are eligible for the Rural Home Ownership Program if:
- be a Canadian citizen or permanent resident;
- be a Yukon resident for at least 90 days;
- apply as an individual or family. Businesses, corporations, societies, associations and co-operatives are not eligible;
- be a first-time home buyer:
- as someone who has never acquired ownership of a dwelling by way of purchase, inheritance or gift; or
- as someone who has once previously co-owned a home with a former spouse or partner. This includes someone who has only owned a home with a former spouse or partner and no longer owns any property;
- not own property anywhere else in the world;
- have a mortgage pre-approval from a recognized financial institution and able to provide proof to the satisfaction of Yukon Housing Corporation;
- be the person(s) named on the title or lease of the property being purchased;
- have enough money for all closing costs and at least half of the required minimum down payment;
- submit to asset verification and meet financial eligibility requirements;
- be in good standing with the Government of Yukon; and
- show a financial need for assistance. Applicants with sufficient funds to cover the minimum required down payment without assistance from the program are not eligible.
You may be asked to provide the following:
- mortgage pre-approval;
- a bank request of minimum down payment amount;
- bank or investment statements;
- a gift letter;
- proof of down payment; and
- a bank application.
You will first need to complete the rural home ownership loan application form and the verification of employment form.
Once you have completed these forms, you will need to submit both of them and any required supporting documents either by email to [email protected] or in person at 410 Jarvis Street, Whitehorse, Yukon.
You have up to 2 years to complete construction, whether you hire a company to build or undertake the project on your own.
If your application is successful, there are certain loan financing details you should keep in mind:
- The loan is amortized up to 30 years in 5 year terms
- You can make interest only payments during construction
- The interest rate of the loan will be at or below 1% of the average posted rates. This is the posted 5-year average interest rate at major banks
You will have to prove you are bank ineligible every five years after year 10.
If you have any questions about applying for the Rural Home Ownership Loan Program, send email to [email protected] or phone 867-667-5759 or toll free in Yukon at 1-800-661-0408 extension 5759.