The advance payment Assistance Program (DPAP) assists Nova Scotians with modest incomes who pre-qualify for an insured mortgage to buy their very very first home.
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Qualified individuals can use to get an interest-free repayable loan of up to five % associated with the purchase cost of a property.
- The acquisition cost of the true home may well not meet or exceed $280,000 into the Halifax Regional Municipality (HRM) and $150,000 into the other countries in the province.
- Participants should have good credit and become pre-approved for the insured home loan by an accepted institution that is financial.
- 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 doesn’t have the ability that is financial pay 5% for the purchase price of the house without support associated with the system.
- The applicant is pre-approved for an insured home loan by an accepted institution that is financial
- The applicant includes an effective credit history
- The applicant has evaluated the material that is educational first-time house purchasers supplied 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 year
- The purchased property should be the applicant’s principal residence; leasing properties, regular and leisure properties aren’t qualified.
- Mobile phone domiciles meet the criteria only when they truly are forever affixed to home owned by the applicant.
- The loans are interest-free and therefore are repayable over a decade. Leer más