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The Down Payment Assistance Program (DPAP) assists Nova Scotians with modest incomes who pre-qualify for the mortgage that is insured buy their very very first house.

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Qualified individuals can put on to get an interest-free loan that is repayable of to five per cent for the purchase cost of a house.

Eligibility:

  • The acquisition cost of the house may well not surpass $280,000 within the Halifax Regional Municipality (HRM) and $150,000 when you look at the remaining portion of the province.
  • Individuals should have good credit and become pre-approved for the insured home loan by an accepted standard bank.
  • For a job candidate to qualify for the support, the next requirements must certanly be met:
    • The home is with in Nova Scotia
    • The applicant is just a first-time house buyer
    • The applicant doesn’t have the monetary capability to spend 5% associated with the purchase cost of the house without help associated with system.
    • The applicant is pre-approved for an insured home loan by an established standard bank
    • The applicant includes an effective credit score
    • The applicant has evaluated the material that is educational first-time house purchasers supplied by Housing Nova Scotia (see below)
    • The applicant’s total household earnings is lower than $75,000
    • The applicant is really a Canadian resident or has resident status that is permanent
    • The applicant has resided in Nova Scotia for at the very least year
  • The bought property should be the applicant’s principal residence; leasing properties, regular and leisure properties aren’t qualified.
  • Mobile phone domiciles meet the criteria only when they’ve been completely affixed to home owned by the applicant. More…