The advance payment Assistance Program (DPAP) assists Nova Scotians with modest incomes who pre-qualify for the mortgage that is insured buy their very first house.
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Qualified individuals can use to get an interest-free repayable loan of up to five % regarding the purchase cost of a property.
- The acquisition cost of the house might not exceed $280,000 into the Halifax Regional Municipality (HRM) and $150,000 when you look at the remaining portion of the province.
- Individuals need good credit and start to become pre-approved for the insured home loan by an established 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 a first-time house buyer
- The applicant doesn’t have the economic capacity to spend 5% of this purchase cost of the house without help for the program.
- The applicant is pre-approved for an insured home loan by an accepted lender
- 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 applicant’s total household earnings is not as much as $75,000
- The applicant is just a Canadian resident or has permanent resident status
- The applicant has resided in Nova Scotia for at the least one year
- The bought property should be the applicant’s principal residence; leasing properties, regular and recreational properties aren’t qualified. Continue reading „The advance payment Assistance Program (DPAP) assists Nova Scotians with modest incomes who pre-qualify for the mortgage that is insured buy their very first house.“