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

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

You may be right here

Qualified participants can apply to get an interest-free repayable loan of up to five percent regarding the purchase cost of a property.

Eligibility:

  • The acquisition cost of the house might not surpass $280,000 within the Halifax Regional Municipality (HRM) and $150,000 within the other countries in the province.
  • Individuals will need to have good credit and start to become pre-approved for the insured home loan by an accepted lender.
  • The following criteria must be met: for an applicant to be eligible for the assistance
    • The house is with in Nova Scotia
    • The applicant is just a home buyer that is first-time
    • The applicant won’t have the economic capability to spend 5% associated with purchase cost of the house without help of this program.
    • The applicant is pre-approved for an insured home loan by an established standard bank
    • The applicant includes a credit rating that is satisfactory
    • The applicant has evaluated the material that is educational first-time house buyers supplied by Housing Nova Scotia (see below)
    • The applicant’s total household earnings is significantly less than $75,000
    • The applicant is a Canadian resident or has permanent resident status
    • 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 recreational properties aren’t qualified. Read more