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

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

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Qualified individuals can put on to get an interest-free loan that is repayable of to five % associated with the purchase cost of a property.

Eligibility:

  • The purchase cost of the true house might not surpass $280,000 within the Halifax Regional Municipality (HRM) and $150,000 into the other countries in the province.
  • Individuals should have good credit and get pre-approved for an insured home loan by an established institution that is financial.
  • For a job candidate to qualify for the help, the next requirements must certanly be met:
    • The home is in Nova Scotia
    • The applicant is a home buyer that is first-time
    • The applicant does not have the ability that is financial spend 5% associated with the purchase cost of the house without support regarding the system.
    • The applicant is pre-approved for an insured home loan by an established institution that is financial
    • The applicant includes a credit rating that is satisfactory
    • The applicant has evaluated the material that is educational first-time house purchasers given 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 resident status that is permanent
    • 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.