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Qualified individuals can use to get an interest-free repayable loan of up to five percent associated with the purchase cost of a house.
- The purchase cost of the house may well not surpass $280,000 within the Halifax Regional Municipality (HRM) and $150,000 into the remaining portion of the province.
- Individuals need good credit and get pre-approved for an insured home loan by an accepted institution that is financial.
- For a job candidate to qualify for the support, the next requirements must certanly be met:
- The home is in Nova Scotia
- The applicant is just a first-time house customer
- The applicant won’t have the economic power to spend 5% regarding the purchase cost of the house without help associated with the system.
- The applicant is pre-approved for an insured home loan by an accepted lender
- The applicant includes 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 very least one year
- The bought property should be the applicant’s principal residence; rental properties, regular and leisure properties aren’t eligible. Continue reading « The Down Payment Assistance Program (DPAP) assists Nova Scotians with modest incomes who pre-qualify for an insured home loan to purchase their very very very first house. »