Nova Scotians looking to purchase their first home can once again access interest-free loans from Housing Nova Scotia.
This is the second year of the Down Payment Assistance Program for eligible first-time home buyers. It is designed to help modest-income Nova Scotians who are pre-approved for an insured mortgage from an accredited lender, but who may need some assistance to cover the required down payment.
Applicants are eligible for an interest-free loan of up to five per cent 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.
To be eligible, applicants must have a total household income of $75,000 or less. The loans will range up to $14,000 in the Halifax Regional Municipality and up to $7,500 in other parts of the province. Amounts will vary, based on an applicant’s income and the purchase price of the home. 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.
This is the second year for the program. Last year 153 first-time home buyers were assisted through this program.
Applications are available at Housing Nova Scotia’s regional offices, or online at http://housing.novascotia.ca/downpayment .
Source: Release