Nova Scotia opens down payment program for new buyers

For the second year in a row, Nova Scotians can access funding for a down payment on their first home in the province.

Housing Nova Scotia has opened applications for its Down Payment Assistance Program but eligible first-time buyers will have to act fast as the funding is allocated on a first-come, first served basis.

Those eligible are moderate-income residents ($75K or less) who are pre-approved for an insured mortgage from an accredited lender. They must also have a satisfactory credit rating.

Applicants are eligible for an interest-free loan of up to 5% of the purchase price of a new or existing home, to a maximum price of $280,000 in Halifax Regional Municipality and $150,000 in the rest of the province.

Eligible buyers will have 10 years to repay the loan and payments can be waived for the first year to allow new homeowners to adjust to any unforeseen costs.

Only primary residences are eligible under the program and mobile homes are only included where they are permanently affixed to a property owned by the applicant.

Last year 153 first-time home buyers were assisted through this program.

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