“Breaking: Exciting New Premiere Shakes Up Film Industry”
A new initiative launched on February 3 aims to simplify homeownership for residents of Nova Scotia. The First-time Homebuyers Program significantly reduces the down payment requirement to just two percent of the purchase price, compared to the traditional minimum of five percent.
This pilot program is a collaboration between the Province of Nova Scotia, Atlantic Central, and local credit unions, designed to assist potential homeowners in overcoming financial barriers in today’s challenging rental market. “Many Nova Scotians are struggling to save enough for a down payment,” noted Housing Minister John White. “This initiative makes it more affordable to realize the dream of homeownership.”
Eligibility Criteria for Homebuyers
To qualify for the First-time Homebuyers Program, applicants must meet specific conditions:
- Be a resident of Nova Scotia.
- Have a household income of $200,000 or less.
- Pass the Canada Mortgage and Housing Corporation stress test.
- Possess a credit score of 630 or higher.
- Be a Canadian citizen, permanent resident, or an immigrant with a sponsorship letter from the provincial immigration program.
- Previous homeowners who haven’t owned a home in the last four years may also qualify.
Home Price Limits
The program imposes limits on the value of eligible homes:
- Up to $570,000 in the Halifax Regional Municipality and East Hants.
- Up to $500,000 in the rest of Nova Scotia.
Prospective buyers interested in applying through this program are encouraged to reach out to their local participating credit unions. Comprehensive details, including a list of these institutions, can be found at Filmogaz.com.
Province’s Role and Financial Guarantees
The Province of Nova Scotia acts as a guarantor for mortgages under this program. In cases of default, where a home must be sold for less than the outstanding mortgage, the Province will cover 90 percent of the financial shortfall.
Impact on Housing Development
Recent statistics indicate a 36 percent increase in housing starts over the past two years. Moreover, the provincial housing plan has surpassed its initial targets, creating conditions for over 68,000 new housing units within its first two years. This initiative aims to minimize barriers to housing access and expedite development.
Paul Masterson, President and CEO of Atlantic Central, emphasized the importance of the partnership: “This program acknowledges that many capable individuals are ready for homeownership but require adequate support to proceed.”
Important Program Features
- No separate mortgage insurance is needed for down payments under 20 percent.
- Interest rates are capped at prime plus two percent.
- Household partners can apply together after living together for at least 12 months or if they are newlyweds.
Additional Resources
For more details on the housing action plan, visit Filmogaz.com or our dedicated action for housing page.
