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

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

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Qualified individuals can apply to get an interest-free loan that is repayable of to five % of this purchase price of a house.

Eligibility:

  • The acquisition cost of the true house might not meet or exceed $280,000 within the Halifax Regional Municipality (HRM) and $150,000 within the other countries in the province.
  • Individuals will need to have good credit and start to become pre-approved for the insured home loan by an established lender.
  • The following criteria must be met: for an applicant to be eligible for the assistance
    • The house is in Nova Scotia
    • The applicant is really a home buyer that is first-time
    • The applicant won’t have the economic capacity to spend 5% associated with the purchase cost of the house without help regarding the system.
    • The applicant is pre-approved for an insured home loan by an established standard bank
    • The applicant includes a satisfactory credit score
    • The applicant has evaluated the academic product for first-time home purchasers provided by Housing Nova Scotia (see below)
    • The applicant’s total household earnings is lower than $75,000
    • The applicant is really a Canadian resident or has permanent resident status
    • The applicant has resided in Nova Scotia for at the very least one year
  • The bought property ought to be the applicant’s principal residence; leasing properties, regular and leisure properties aren’t qualified.
  • Cellphone domiciles qualify as long as they’ve been forever affixed to a residential property owned by the applicant.

Loans: