If you need help with your Down Payment, check out the new regs from the NS DPAP (down payment assistance program)

Written By Kari MacLeod

The Down Payment Assistance Program (DPAP) assists Nova Scotians who pre-qualify for an insured mortgage to purchase their first home. Eligible participants can apply to receive a loan of up to five per cent of the purchase price of a home.

Loans provided under this program are interest-free, repayable over a 10-year period, and must be used for a down payment (cannot be used for financing, closing, or other costs). The maximum loan available is $25,000.

Eligibility

Funding is available to applicants that meet the following 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 (the link for this information is at the bottom of this email)

Additionally, the property must:

  • Be located in Nova Scotia

  • Be the applicant’s principal residence - rental properties, seasonal, and recreational properties are not eligible

  • Be permanently affixed to a property owned by the applicant in the case of mobile homes

  • Have a purchase price that does not exceed the following:

    • $500,000 in the Halifax Regional Municipality (HRM), and East Hants

    • $300,000 in Northern and Eastern regions (Cumberland, Colchester, Pictou, Antigonish, Guysborough, Cape Breton, and including Yarmouth)

    • $375,000 in Annapolis Valley, West Hants, and the South Shore

Application and Review Process

Applications for funding may be submitted at any time. The program is based on a first come, first served basis.

The following supporting documentation is required to process your application:

  •  Income Tax slips (T-slips) and associated Notice of Assessment from the Canada Revenue Agency (CRA) for the tax year prior to the year you are applying for the program. Your T-slips should equal the total ($) amount found on Line 15000 (formerly 150) of your Notice of Assessment.  

  • A copy of your Option "C" Report (proof of income statement) is available by calling the Canada Revenue Agency at 1-800-959-8281, or a copy can also be obtained through My Account on the CRA website, provided for applicant and co-applicant.

  • A copy of your most recent pay stubs.

  • A copy of your Pre-Approval for first mortgage financing.

  • A signed affidavit showing no previous home ownership. The affidavit can be signed by a Commissioner of Oaths, including a barrister of the Supreme Court of Nova Scotia, Canadian Armed Forces officers on active duty, Members of the Legislative Assembly of Nova Scotia, municipal chiefs of police, commissioned officers of the RCMP on active service, non-commissioned officers of the RCMP, head of a detachment on active service in Nova Scotia, and funeral directors. Municipal Affairs and Housing has a Commissioner of Oaths available by appointments only.  Contact your local office for further information.

  • A copy of your Agreement of Purchase and Sale.

  • A written verification of employment confirming your date of hire, position, current annual income, employment status (full time, part time, casual, seasonal, term), and the probability for future or continued employment.

  • A completed Authorization of Electronic Funds Transfer (EFT) form. 

Your application cannot be processed if proper verification of income, as noted above, is not provided.

Municipal Affairs and Housing (DMAH) requires five business days to process an application. Applicants are encouraged to apply at least five business days from the designated financing deadline typically found under “Buyer’s Conditions” on the purchase and sale agreement. Municipal Affairs and Housing  is not responsible for late submissions that result in missed deadlines. 

For a full list of rules and regulations, along with application forms, visit the Nova Scotia Down Payment Assistance Program

Kari MacLeod

At the core of Kari's professional ethos is a dedicated focus on delivering exceptional client experiences, encapsulated by her corporate philosophy: "Your property is my priority."

Having navigated 12 relocations across four countries, Kari is well-acquainted with the challenges associated with buying, selling, and moving properties. She wholeheartedly commits to comprehending her clients' needs throughout the entire real estate process, ensuring a seamless transition.

With a discerning eye for some of the Province’s most notable properties, she revels in the challenge of marketing the extraordinary while consistently striving to provide all clients with the utmost attention and expertise. Kari has achieved a couple of record-breaking sales, demonstrating an unwavering commitment to excellence.

Leveraging her background in corporate communications within the mineral resource sector and her formal training as a fashion designer, Kari approaches real estate with a blend of creativity and adept problem-solving. Kari's infectious positive outlook contributes to her success in building meaningful connections.

Having relocated to Nova Scotia from Victoria, BC, in 2007 with her husband and twin daughters, Kari attests that the province has captured her heart. Residing in Newport Landing, her family has discovered their forever home in a charming historic riverside property.

http://www.karimacleod.com
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