According to a 2019 study by Angus Reid, Canadians owe $1.78 to creditors for every $1.00 of disposable income. With stats like this, it's more important than ever to make sure your credit health is on track, especially for first-time buyers planning to buy a home. Here are a few tips to get on the right track 

  • No credit history can be as detrimental as bad credit, so be sure to establish credit.
  • Don't max out your credit cards, make sure to leave room on them.
  • Avoid having too many credit cards, even if you don't use them.
  • Pay off your credit card balance every month.
  • Save up as much as possible for your down payment.



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Good news for first-time home buyers ! As of this month, the Down Payment Assistance Program's (DPAP) budget will be doubled. That means there will be $2.2 million available for eligible buyers. The provincial program was created in partnership with REALTORS® to assist home buyers with modest incomes to secure a loan for the down payment of their first home. Below is the criteria for eligibility; you can find out the full information about the program by visiting the DPAP website.

  • The purchase price of the home may not exceed $280,000 in the Halifax Regional Municipality (HRM) and $150,000 in the rest of the province.
  • Participants must have good credit and be pre-approved for an insured mortgage by a recognized financial institution.
  • For an applicant to be eligible for the assistance, the following criteria must be met:
  • The property is in Nova Scotia
  • The applicant is a first-time home buyer
  • The applicant does not have the financial ability to pay 5% of the purchase price of the property without assistance of the program.
  • The applicant is pre-approved for an insured mortgage by a recognized financial institution
  • The applicant has a satisfactory credit rating
  • The applicant has reviewed the educational material for first-time home buyers provided by Housing Nova Scotia (see below)
  • The applicant’s total household income is less than $75,000
  • The applicant is a Canadian citizen or has permanent resident status
  • The applicant has resided in Nova Scotia for at least 12 months
  • The purchased property must be the applicant’s principal residence; rental properties, seasonal and recreational properties are not eligible.
  • Mobile homes are eligible ONLY if they are permanently affixed to a property owned by the applicant.
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