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

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

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Qualified individuals can use to get an interest-free loan that is repayable of to five percent regarding the purchase cost of a property.

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.
  • Participants should 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 home is in Nova Scotia
    • The applicant is just a home buyer that is first-time
    • The applicant won’t have the ability that is financial spend 5% for the purchase cost of the home without help of this 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 evaluated the academic product for first-time house purchasers supplied by Housing Nova Scotia (see below)
    • The loanmart login applicant’s total household earnings is not as much as $75,000
    • The applicant is a Canadian resident or has resident status that is permanent
    • The applicant has resided in Nova Scotia for at the least year
  • The purchased property should be the applicant’s principal residence; leasing properties, regular and leisure properties aren’t eligible.
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