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The advance payment Assistance Program (DPAP) assists Nova Scotians with modest incomes who pre-qualify for the mortgage that is insured buy their very very very first house.

Samstag, Februar 22nd, 2020

The advance payment Assistance Program (DPAP) assists Nova Scotians with modest incomes who pre-qualify for the mortgage that is insured buy their very very very first house.

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Qualified individuals can apply to receive an interest-free loan that is repayable of to five percent of this purchase cost of a house.

Eligibility:

  • The acquisition cost of the home may well not go beyond $280,000 into the Halifax Regional Municipality (HRM) and $150,000 when you look at the remaining portion of the province.
  • Individuals should have good credit and become pre-approved for the insured home loan by an established institution that is financial.
  • For a job candidate to qualify for the support, the next requirements must certanly be met:
    • The house is with in Nova Scotia
    • The applicant is a first-time house customer
    • The applicant doesn’t have the economic capability to fast loan direct spend 5% associated with purchase cost of the home without support regarding the system.
    • The applicant is pre-approved for an insured home loan by an established institution that is financial
    • The applicant includes a reasonable credit history
    • 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 lower than $75,000
    • The applicant is really a Canadian resident or has resident status that is permanent
    • The applicant has resided in Nova Scotia for at the very least year
  • The bought property ought to be the applicant’s principal residence; leasing properties, regular and leisure properties aren’t qualified. (mehr …)