Sometimes clients have the desire, the income, the credit but not the means to make home ownership possible. It’s for this reason that Nova Scotia created the down payment assistance program. Through this program they will lend you interest free a down payment up to 5% of the purchase price of your new property.
There are some requirements for the borrower:
- You must be pre approved by a recognized financial institution and have a strong credit rating.
- Have never purchased property before
- Have a combined household income less than 145K
- Be a citizen or permanent resident of Canada
- Have been a resident in Nova Scotia for a minimum of 12 consecutive months
- Are unable to come up with the down payment by any other means
- Yet still have the capacity to come up with the closing costs
These are the requirements for the property:
- Property must be here in Nova Scotia
- This needs to be your principal residence, no rentals, cottages or commercial properties.
- Needs to be on a foundation on your own land. So no mobile homes in parks or tiny homes on wheels.
- Have a purchase price that does not exceed 500K in Halifax & East Hants, 375K in Annapolis Valley, West Hants & South Shore and 300K everywhere else.
If this sounds like the path that will finely lead you to home ownership then reach out to me so I can get you pre approved to start the process.
Today I am thankful for the opportunity to attend my 1st industry event since the start of Covid, all the great people I got to meet even while wearing my mask and the chance to learn so many new things.
I look forward to hearing from you in regard to your mortgage needs.
p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2022-3000179) Broker (2022-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).
p.s.s.s You can download my new mortgage app here