More Funding for First-Time Home Buyers Program

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.