Unlock Homeownership with Nova Scotia’s Down Payment Assistance Program – You only need to save for your closing costs!!

by Amanda Merrin  - June 21, 2024

Homeownership can feel like a distant dream, especially when faced with the daunting task of saving for a down payment. Fortunately, if you’re a first-time home buyer in Nova Scotia, you’ve got a fantastic resource at your disposal: the Down Payment Assistance Program (DPAP).

What’s DPAP?

The DPAP is specifically designed to help first-time buyers bridge the financial gap, offering up to 5% of the home purchase price as an interest-free loan. This makes it significantly easier to step into your dream home without waiting for years to save a substantial down payment.

How Does It Work?

Eligible applicants can receive a repayable loan covering up to 5% of the purchase price. This means, for a $300,000 home, you could get up to $15,000. All you need to save is 1.5% of the purchase price for closing costs, which equals just $4,500 for the same home.

Eligibility Criteria:

  • Must have a credit rating satisfactory to Municipal Affairs and Housing (DMAH) and be pre-approved for an insured mortgage by a recognized financial institution
  • Be a first-time home buyer
  • Total household income is less than $145,000
  • Is a Canadian citizen or has permanent resident status
  • Has resided in Nova Scotia for at least 12 months
  • Does not have the financial ability to pay 5% of the purchase price of the property without assistance of the program.
  • The applicant has reviewed the educational material for first-time home buyers provided by Municipal Affairs and Housing (see below)

Ready to Take the Leap?

The path to your first home is more accessible than ever with DPAP. Save a minimal amount for closing costs, and let this program help you with the rest. Start your application today and move one step closer to turning your homeownership dream into reality!

For in-depth details and application forms, visit: https://housing.novascotia.ca/downpayment/