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

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

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Qualified individuals can put on to get an interest-free repayable loan of up to five percent associated with purchase cost of a property.

Eligibility:

  • The acquisition cost of the house may well not exceed $280,000 when you look at the Halifax Regional Municipality (HRM) and $150,000 when you look at the other countries in the province.
  • Individuals should have good credit and stay pre-approved for the insured home loan by an accepted financial institution.
  • The following criteria must be met: for an applicant to be eligible for the assistance
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    • The house is in Nova Scotia
    • The applicant is a first-time house customer
    • The applicant doesn’t have the ability that is financial spend 5% regarding the purchase cost of the home without help for the system.
    • The applicant is pre-approved for an insured home loan by an established standard bank
    • The applicant has a credit rating that is satisfactory
    • The applicant has evaluated the academic product for first-time house purchasers supplied by Housing Nova Scotia (see below)
    • The applicant’s total household earnings is not as much as $75,000
    • The applicant is a Canadian resident or has resident status that is permanent
    • The applicant has resided in Nova Scotia for at the least one year
  • The bought property should be the applicant’s principal residence; leasing properties, regular and leisure properties aren’t qualified.
  • Cellphone domiciles meet the criteria as long as these are generally forever affixed to a residential property owned by the applicant.

Loans: