Nova Scotia Down Payment Assistance
Posted 30 Mar 2018 by Melissa Allan
The 2017 Nova Scotia budget implemented a new Down Payment Assistance Program to help first-time homebuyers qualify for their mortgage, especially given the new mortgage rules. This program grants eligible first-time homebuyers with an interest-free loan of up to 5% of the purchase price of a new or existing home (up to a maximum of $280,000) in Halifax Regional Municipality (HRM) or $150,000 elsewhere in the province.
- The applicant must have a total household income of under $75,000 to qualify.
- They must have a satisfactory credit rating and be eligible for a mortgage with a lender.
- The loan is interest-free and must be paid within 10 years; payments can be waived in Year 1.
- The loans must go toward the down payment and cannot be used for closing or other costs.
- The down payment assistance loans can range up to $14,000 in HRM and $7,500 in other parts of the province.
Due to the high volume of applications in the Central Region (which includes the communities of Halifax Regional Municipality, Hants East, and Hants West) no new applications are being accepted at this time. For further information on availability in your area, please visit: https://housing.novascotia.ca/downpayment
With these new rules one can only hope the housing market will continue to have modest realistic increases and that our future generations can afford to live on their own one day!