Tag Archives: Down payment assistance

Down payment Assistance program starting May 1, 2017 in Nova Scotia

Down payment Assistance program starting May 1, 2017 in Nova Scotia

New Program Helps Nova Scotians Purchase Their First Home

HALIFAX, NOVA SCOTIA–(April 26, 2017) – Professional Real Estate Investors Group (PREIG) Canada | http://www.Flipping4Profit.ca |

First-time home buyers struggling to save enough for a down payment could soon get access to an interest-free loan from Housing Nova Scotia to make their dream of home ownership come true. The governments of Canada and Nova Scotia are investing $1.3 million to fund a new one-year Down Payment Assistance pilot program.

Andy Fillmore, Parliamentary Secretary to the Minister of Democratic Institutions and Member of Parliament for Halifax, on behalf of the Honorable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), along with the Honorable Joanne Bernard, Minister responsible for Housing Nova Scotia, made the announcement today.

Quick facts about Nova Scotia down payment assistance starting May 1st, 2017:

The new Home Ownership Down Payment Assistance Program will help 100-125 modest-income Nova Scotians who are pre-approved for an insured mortgage from an accredited lender, but struggle to save for the required down payment because of their income.

The program will offer interest-free loan of up to five per cent of the purchase price of a new or existing home, to a maximum purchase price of $280,000 in Halifax Regional Municipality (HRM) and $150,000 in the rest of the province.

To be eligible, applicants must have a total household income of $75,000 or less. Based on a sliding scale of household income and house purchase price, the down payment assistance loans can range between up to $7,500 and $14,000 (in HRM). Eligible home buyers will have ten years to repay their interest-free loan. Payments can be waived for the first year to allow new homeowners to adjust to any unforeseen costs.

“This is awesome news for first-time home buyers from Nova Scotia," Navtaj Chandhoke, founder of Professional real estate investors group (PREIG) Canada, said. "This program will stimulate the economy and have ripple effect to associate industries." Saving up for a down payment remains one of the main hurdles for first time home buyers in Nova Scotia.

The purchase price of the home may not exceed $280,000 in the Halifax Regional Municipality (HRM) and $150,000 in the rest of the province.

New home buyers must have good credit and be pre-approved for an insured mortgage by a recognized financial institution.

For an applicant to be eligible for the assistance of Nova Scotia First Time Home Buyer Down Payment Program, the following criteria must be met:

The property is in Nova Scotia, Canada.

The applicant is a first-time home buyer

The applicant is pre-approved for an insured mortgage by a recognized financial institution

The applicant has a satisfactory credit rating

The applicant has reviewed the educational material for first-time home buyers provided by Housing Nova Scotia

The applicant’s total household income is less than $75,000

The applicant has resided in Nova Scotia for at least 12 months

The purchased property must be the applicant’s principal residence; rental properties, seasonal and recreational properties are not eligible.

Nova Scotia First Time Home Buyer Down Payment Program Loans:

The loans are interest-free and are repayable over ten years. Participants may waive their payments in the first year.

The loan must go toward the down payment and cannot be used for financing, closing or other costs.

The down payment assistance loans can range between up to $7,500 and up to $14,000.

Additional Information for Nova Scotia First Time Home Buyer Down Payment Program:

The pilot program starts on May 1, 2017 and loans will be advanced between May 1, 2017 and March 31, 2018.

The program will help between 100 and 125 households based on Federal and Provincial funding of $1.30 million.

The program is based on a first come, first served basis. Unused monies in any area may be redistributed if take up is not on target in any of the four regions.

$250,000 is available through federal-provincial cost-matched funding of the Social Infrastructure Fund to cover interest costs and carrying charges.

The province is also making available $1.05 million in funds that will be loaned to program participants.

Learn more about Forgivable Canadian real estate grants at
www.GovernmentGrantsCanada.ca

Yukon Down Payment Assistance Program

Yukon Down Payment Assistance Program

Yukon Down Payment Assistance Program:

Beginning in 2005, the cost of homes in the Yukon began increasing sharply and, over the last 6 years, have nearly doubled in price. This has directly increased the required minimum down payment which has made saving a down payment more difficult for many potential homebuyers.

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Down Payment Assistance Saskatoon, Saskatchewan

Down Payment Assistance Saskatoon, Saskatchewan

Equity Building Program — Saskatoon, Saskatchewan

Equity Building Program — Saskatoon, Saskatchewan

Goal

Assist moderate-income households to move from rental accommodation to homeownership.

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Manitoba Home buyer Down Payment Assistance Program (HDPA)

Manitoba Home buyer Down Payment Assistance Program (HDPA)


Manitoba Homebuyer Down Payment Assistance Program (HDPA) provides financial assistance towards the purchase of qualifying new or recently renovated properties in targeted areas of Winnipeg. Manitoba Housing assists in providing affordable housing for low-income Manitobans through a variety of programs. Funding for the Manitoba Home buyer Down Payment Assistance Program falls under the HOMEWorks! initiative which focuses on inner-city revitalization including housing for refugees and immigrants, older Manitobans, urban Aboriginals, northern Manitobans and those who are homeless.

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Down payment Assistance Rural Home ownership Manitoba

Down payment Assistance Rural Home ownership Manitoba

Manitoba Housing is offering a new Rural Home ownership Program in select Manitoba communities, excluding urban centres where demand for rental housing currently exists.

The Rural Home Ownership Program has two unique streams:

  • Vacant Rural Home ownership Stream
  • Qualifying applicants may be able to purchase vacant homes owned by Manitoba Housing in select rural communities.

Get the Vacant Rural Home ownership Stream Application Form (PDF)
Get the Vacant Rural Home ownership Stream Statement of Income Declaration Form (PDF)
Get the Vacant Rural Home ownership Stream Program Evaluation Form (PDF)

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The Home Program Down payment assistance, Alberta

The Home Program Down payment assistance, Alberta

The Home Program Down payment assistance, Alberta

What is HOME Program?

The HOME Program Down payment assistance helps low income people become homeowners, through education, financial assistance and one-on-one counselling.

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Muskoka down payment assistance, forgivable loan

Muskoka down payment assistance, forgivable loan

Muskoka down payment assistance:

The purpose of the Home ownership Component of the Investment in Affordable Housing (Extension) for
Ontario (IAH-E) program is to provide down payment assistance in the form of a forgivable loan to eligible
individuals and families for the purchase of a home.

Eligible homes include resale and new homes (including conversions from non-residential use that include a new home warranty).

The home must be the sole and principal residence of the approved purchaser(s), and be located within The District
Municipality of Muskoka (the District) in order to receive Muskoka down payment assistance.

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Niagara regional Housing program offers down payment assistance

Niagara regional Housing program offers down payment assistance

Purpose

The purpose of the Home ownership Program is to:

Make home ownership a reality for low to
moderate income households in Niagara

Ease the demand for rental housing by assisting
renter households to buy affordable houses

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Haldimand or Norfolk Counties Down Payment assistance 2016

Haldimand or Norfolk Counties Down Payment assistance 2016

Haldimand or Norfolk Counties Down Payment assistance 2016 for first homes

Looking for assistance to purchase your first home? – Haldimand or Norfolk Counties Down Payment assistance 2016 is available

The Home ownership Program and Ontario Renovates Program are made possible through the Investment in Affordable Housing (IAH) Program 2014 Extension, which is funded by the federal and provincial governments.

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Nunavut Down payment Assistance Program

Nunavut Down payment Assistance Program

Nunavut Down payment Assistance Program (NDAP) assists clients in achieving home ownership through conventional financing means by providing financial assistance to ensure the clients have ten percent of the total house costs to contribute as a down payment.

A personal financial (mortgage equity) contribution by the client, when combined with NDAP, will ensure that clients meet the minimum down payment requirement of conventional mortgage lenders.

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