Yukon Housing Corporation

Programs & Services

Home Ownership Loans

First Mortgage Program
Down Payment Assistance Program
Owner Build Program


First Mortgage Program

The First Mortgage Program offers eligible clients an opportunity to purchase an existing home with a minimum 2.5% down payment. The maximum loan amount is $360,000 amortized to a maximum of 30 years. Clients receive a preferred interest rate which is based on one percentage point lower than the five major Canadian banks posted 5 year term rate average. Homes must be modest, entry-level and meet Yukon Housing Corporation health and safety standards.

Clients who access this program could not otherwise enter into homeownership. Program emphasis is to offer an affordable option to Yukon families in need of home ownership.

Applicant and dwelling eligibility:

  • Available Yukon wide.
  • Dwelling is inspected and must meet YHC minimum standards.
  • Clients must be first time homebuyers and ineligible for bank financing.
  • Based on client’s affordability, no subsidy available.

Loan parameters:

  • Loan maximum is $360,000.
  • Term and Amortization periods are up to 30 years.
  • No penalties for early payout, lump sum payments or increase regular payments.
  • Total debt service ratio maximum (TDSR) of 38%, Gross debt service ratio (GDSR) of 32%.

Application

Complete an application form and submit the required information.


Down Payment Assistance Program

The Down Payment Assistance Program allows qualifying Yukoners who have already saved a portion, to borrow the remaining amount required for a down payment to qualify for a mortgage to purchase a home, condominium or townhouse.

The program provides a low interest deferred loan of up to 5% (maximum $18,000) of the home’s purchase price to be applied towards the required down payment.

Applicant and dwelling eligibility:

  • Applicants must be Yukon residents
  • Have a household income of less than $90,000
  • Applicants must qualify for a mortgage through a lending institution

Loan parameters:

  • Applicants must provide a minimum 2.5% contribution to the down payment
  • The maximum house price for purchasing a home using DPAP is currently $365,000 (this price is subject to change based on the Yukon Bureau of Statistics calculations based on the 25th percentile price of home sales in past years [Whitehorse]) 

Application

Complete an application form and submit the required information.


Owner Build Program

The Owner Build Program offers qualified applicants mortgage financing to build their own home. Clients must demonstrate they have the ability to contribute sweat equity to the project in the form of labour or project management equal to 10% of the project cost. In addition clients must provide a 2.5% minimum down payment. Homes must be modest, entry-level and meet the YHC’s Green Home standards.

Clients have up to two years to build the home. Qualified clients receive a tiered interest rate as the project proceeds.

The program allows first time home owners or applicants ineligible for bank financing the opportunity to provide sweat equity to reduce the initial costs required to enter into home ownership.

The program also provides self-managed builders with technical assistance, and a workable flow of funding through construction.

The program stimulates economic activity, particularly in the rural communities where bank financing for new home construction can be very difficult to obtain.

Applicant and dwelling eligibility:

  • Available Yukon wide.
  • Dwelling must be principle residence and owner occupied.
  • Must be first time homebuyers or bank refused.
  • Based on applicant’s affordability, no subsidy available.

Loan parameters:

  • Loan maximum is $360,000.
  • Term and Amortization periods are up to 30 years.
  • No penalties for early payout, lump sum payments or increase regular payments.
  • Total debt service ratio maximum (TDSR) of 38%, Gross debt service ratio (GDSR) of 32%.

Application

Complete an application form and submit the required information.