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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.
