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

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

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Qualified individuals can put on to get an interest-free loan that is repayable of to five percent of this purchase cost of a house.

Eligibility:

  • The acquisition cost of the house may well not go beyond $280,000 within the Halifax Regional Municipality (HRM) and $150,000 within the other countries in the province checkmate check cashing.
  • Individuals will need to have good credit and stay pre-approved for an insured home loan by an accepted standard bank.
  • 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 spend 5% of this purchase cost of the house without support associated with the system.
    • The applicant is pre-approved for an insured home loan by an established standard bank
    • The applicant has a credit rating that is satisfactory
    • The applicant has reviewed the material that is educational first-time house purchasers given by Housing Nova Scotia (see below)
    • The applicant’s total household income is not as much as $75,000
    • The applicant is just a Canadian resident or has resident status that is permanent
    • The applicant has resided in Nova Scotia for at the least one year
  • The bought property ought to be the applicant’s principal residence; leasing properties, regular and leisure properties aren’t qualified. (suite…)
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