A new provincial program to help make it easier to become a first-time homeowner by reducing the minimum down payment.
The province says through partnerships with Atlantic Central and credit unions, the First-time Homebuyers Program only requires a down payment of 2 per cent of the purchase price.
That is less than half the usual minimum down payment.
“Nova Scotians told us that in today’s rental market, they are struggling to save the down payment to buy a new home,” said Housing Minister John White. “This program is making it more affordable to come up with a down payment and easier to make the dream of homeownership a reality.”
However, there is a cap of $570,000 in HRM and East Hants and $500,000 for everywhere else.
To qualify, you must meet the following criteria:
– have a household income of $200,000 or less
– pass the Canada Mortgage and Housing Corp. stress test to determine the maximum mortgage they can carry
– have a credit score of 630 or higher
– be a Canadian citizen, permanent resident or an immigrant with a sponsorship letter from the Nova Scotia provincial immigration program.
If you have not owned a home in the last four years, you may also be eligible.
For more information, you can go here.
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