Eligibility

You can apply for the loan if you:

• have a credit rating of 650 or more
• are pre-approved for an insured mortgage by an approved lender
• are a first-time home buyer
• have a total household income of less than $145,000
• are a Canadian citizen or have permanent resident status and live in Nova Scotia (you need to live in Nova Scotia for at least 183 days each year)
• don’t have the financial ability to pay 5% of the purchase price of the property without help from the Down Payment Assistance Program

The property you want to buy must:

• be in Nova Scotia
• be your primary residence when you move in (rental properties, seasonal and recreational properties are not eligible)
• be permanently attached to a property you own if you’re buying a manufactured (mobile) home

The property must also have a purchase price that isn’t more than:

• $570,000 in Halifax Regional Municipality and the Municipality of East Hants
• $375,000 in the Municipality of West Hants, Annapolis Valley (Kings, Annapolis and Digby Counties) and the South Shore (Shelburne, Queens and Lunenburg Counties)
• $300,000 in Yarmouth County and Northern and Eastern regions (Cumberland, Colchester, Pictou, Antigonish, Guysborough and Cape Breton Counties)

You need to apply at least 2 weeks before the financing deadline on your Agreement of Purchase and Sale.

How to apply

1. Complete the application form.
2. Check the application for details on all required supporting documents.
3. Send your completed application and supporting documents by mail. Or visit a regional housing office.

How long it takes

It should take 2 weeks to get the loan approval. It can take longer if more information is needed or if your application hasn’t been filled in correctly.

Cost

There is no cost to apply for the loan.

Before you start

Make sure you and any co-applicants have:

• Canada Revenue Agency tax slips for the tax year before the year you’re applying for the loan
• Canada Revenue Agency Notice of Assessment for the tax year before the year you’re applying for the loan
• Canada Revenue Agency proof of income statement (option ‘C’)
• copy of your most recent pay stubs
• copy of your mortgage pre-approval
• sworn affidavit showing no previous home ownership (sign the affidavit in the presence of a person authorized to take sworn statements, like a lawyer, justice of the peace, notary public or commissioner of oaths)
• copy of your Agreement of Purchase and Sale
• written confirmation of employment including your date of hire, position, current annual income, employment status (full time, part-time, casual, seasonal or term)
• completed Authorization for Electronic Funds Transfer Form (PDF)

Application form