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Down payment Assistance program starting May 1, 2017 in Nova ScotiaNew Program Helps Nova Scotians Purchase Their First HomeFirst-time home buyers struggling to save enough for a down payment could soon get access to an interest-free loan from Housing Nova Scotia to make their dream of home ownership come true. The governments of Canada and Nova Scotia are investing $1.3 million to fund a new one-year Down Payment Assistance pilot program.
Andy Fillmore, Parliamentary Secretary to the Minister of Democratic Institutions and Member of Parliament for Halifax, on behalf of the Honorable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), along with the Honorable Joanne Bernard, Minister responsible for Housing Nova Scotia, made the announcement today.
Quick facts about Nova Scotia down payment assistance starting May 1st, 2017:The new
Home Ownership Down Payment Assistance Programwill help 100-125 modest-income Nova Scotians who are pre-approved for an insured mortgage from an accredited lender, but struggle to save for the required down payment because of their income. The program will offer interest-free loan of up to five per cent of the purchase price of a new or existing home, to a maximum purchase price of $280,000 in Halifax Regional Municipality (HRM) and $150,000 in the rest of the province.
To be eligible, applicants must have a total household income of $75,000 or less. Based on a sliding scale of household income and house purchase price, the down payment assistance loans can range between up to $7,500 and $14,000 (in HRM). Eligible home buyers will have ten years to repay their interest-free loan. Payments can be waived for the first year to allow new homeowners to adjust to any unforeseen costs.
Quotes about Nova Scotia down payment assistance starting May 1st, 2017:“The Government of Canada is pleased to partner with the provincial government to provide a program that will benefits modest income families and individuals in Nova Scotia. This will have a positive impact on new home owners and contribute to building a strong foundation for a sustainable economic future.”- Andy Fillmore, Parliamentary Secretary to the Minister of Democratic Institutions and Member of Parliament for Halifax
“Saving up for a down payment remains one of the main hurdles for people wanting to purchase their first home. While we continue to help our most vulnerable citizens with housing supports, we can’t forget that many modest-income families want to buy homes so they can lay down roots here in Nova Scotia. When we help families, we help strengthen our province.”” -Joanne Bernard, Provincial Minister responsible for Housing Nova Scotia
“Continuing to increase first-time home buyers’ entry into the market is a vital piece of the home buyer’s market cycle. Without first-time home buyers, many would-be sellers will remain in their current homes because they are unable to sell. The Down Payment Assistance Pilot Program will be a benefit to the overall residential construction industry and Nova Scotia’s economy.” -Sherry Donovan, Chief Executive Officer, Canadian Home Builders’ Association – Nova Scotia
Associated links for Nova Scotia down payment assistance starting May 1st, 2017CMHC has been helping Canadians meet their housing needs for more than 70 years. As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to Canadian governments, consumers and the housing industry. Prudent risk management, strong corporate governance and transparency are cornerstones of CMHC’s operations. For more information, please call 1-800-668-2642 or visit
http://www.cmhc.ca .Contact Information for Nova Scotia down payment assistance starting May 1st, 2017Emilie Gauduchon
Press Secretary
Office of Minister Duclos
819-654-5546
Emilie.Gauduchon@hrsdc-rhdcc.gc.ca Natalie Chavarie
Public Affairs Advisor
Canada Mortgage and Housing Corporation
902-426-4262
Heather Fairbairn
Media Relations Advisor
Nova Scotia Department of Community Services
902-717-2151
Heather.Fairbairn@novascotia.ca Learn more about Forgivable Canadian real estate grants at
Nova Scotia First Time Home Buyer Down Payment ProgramNova Scotia First Time Home Buyer Down Payment Program Eligibility: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.
New home buyers must have good credit and be pre-approved for an insured mortgage by a recognized financial institution.
rental properties, seasonal and recreational properties are not eligible.Nova Scotia First Time Home Buyer Down Payment Program Loans:The loans are interest-free and are repayable over ten years. Participants may waive their payments in the first year.
The loan must go toward the down payment and cannot be used for financing, closing or other costs.
The down payment assistance loans can range between up to $7,500 and up to $14,000.
Additional Information for Nova Scotia First Time Home Buyer Down Payment Program:The pilot program starts on May 1, 2017 and loans will be advanced between May 1, 2017 and March 31, 2018.The program will help between 100 and 125 households based on Federal and Provincial funding of $1.30 million.
The program is based on a first come, first served basis. Unused monies in any area may be redistributed if take up is not on target in any of the four regions.
$250,000 is available through federal-provincial cost-matched funding of the Social Infrastructure Fund to cover interest costs and carrying charges.
The province is also making available $1.05 million in funds that will be loaned to program participants.
Learn more about Forgivable Canadian real estate grants atNova Scotia First Time Home Buyer Down Payment ProgramNova Scotia First Time Home Buyer Down Payment Program Eligibility: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.
New home buyers must have good credit and be pre-approved for an insured mortgage by a recognized financial institution.
rental properties, seasonal and recreational properties are not eligible.Nova Scotia First Time Home Buyer Down Payment Program Loans:The loans are interest-free and are repayable over ten years. Participants may waive their payments in the first year.
The loan must go toward the down payment and cannot be used for financing, closing or other costs.
The down payment assistance loans can range between up to $7,500 and up to $14,000.
Additional Information for Nova Scotia First Time Home Buyer Down Payment Program:The pilot program starts on May 1, 2017 and loans will be advanced between May 1, 2017 and March 31, 2018.The program will help between 100 and 125 households based on Federal and Provincial funding of $1.30 million.
The program is based on a first come, first served basis. Unused monies in any area may be redistributed if take up is not on target in any of the four regions.
$250,000 is available through federal-provincial cost-matched funding of the Social Infrastructure Fund to cover interest costs and carrying charges.
The province is also making available $1.05 million in funds that will be loaned to program participants.
Learn more about Forgivable Canadian real estate grants atDown Payment Assistance Program (DPAP) 2017The Down Payment Assistance Program (DPAP) assists Nova Scotians with modest incomes who pre-qualify for an insured mortgage to purchase their first home. Eligible participants can apply to receive an interest-free repayable loan of up to five per cent of the purchase price of a home.
more info at
https://housing.novascotia.ca/downpayment Purchase price: $200,000Primary mortgage: $190,000
DPAP loan: $10,000
CMHC premium: $8,550.
Total amount owing: $208,550.Down Payment Assistance Program (DPAP) 2017The Down Payment Assistance Program (DPAP) assists Nova Scotians with modest incomes who pre-qualify for an insured mortgage to purchase their first home. Eligible participants can apply to receive an interest-free repayable loan of up to five per cent of the purchase price of a home.
more info at
https://housing.novascotia.ca/downpayment Purchase price: $200,000Primary mortgage: $190,000
DPAP loan: $10,000
CMHC premium: $8,550.
Total amount owing: $208,550.
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