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Qualified individuals can put on to get an interest-free repayable loan of up to five % associated with the purchase cost of a house.
- The purchase cost of the true house might not go beyond $280,000 into the Halifax Regional Municipality (HRM) and $150,000 into the other countries in the province.
- Individuals should have good credit and stay pre-approved for the insured home loan by an established institution that is financial.
- The following criteria must be met: for an applicant to be eligible for the assistance
- The house is with in Nova Scotia
- The applicant is really a home buyer that is first-time
- The applicant won’t have the ability that is financial spend 5% for the purchase cost of the house without check-mate support of this system.
- The applicant is pre-approved for an insured home loan by an established institution that is financial
- The applicant includes a credit rating that is satisfactory
- The applicant has evaluated the academic product for first-time home purchasers supplied by Housing Nova Scotia (see below)
- The applicant’s total household earnings is significantly less than $75,000
- The applicant is just a Canadian citizen or has permanent resident status
- The applicant has resided in Nova Scotia for at the very least one year
- The bought property should be the applicant’s principal residence; leasing properties, regular and leisure properties aren’t eligible.