The First-time Homebuyers Program is a joint initiative of the Government of Nova Scotia, Atlantic Central and local participating credit unions. Together, we are delivering a pathway to homeownership that requires first-time homebuyers to provide only a two per cent down payment, so they can get into their first home faster.

This unique mortgage product is backed by a guarantee from the government, allowing Nova Scotians to make a smaller down payment and avoid the cost of traditional mortgage insurance. Credit unions are the only mortgage providers to offer this program.

Credit unions can provide mortgage financing on homes up to $570,000 in Halifax Regional Municipality (HRM) and East Hants, and up to $500,000 throughout the rest of the province.

Apply through your local credit union

To learn more and apply for a mortgage supported by the First-time Homebuyers Program, contact a participating credit union:

• East Coast Credit Union Limited
• Sydney Credit Union Limited
• Nova Scotia Teachers Credit Union Limited (Teachers Plus)
• Mosaik Credit Union Limited
• iNova Credit Union Limited
• Coastal Financial Credit Union Limited
• Valley Credit Union Limited
• St. Joseph's Credit Union Limited
• Glace Bay Central Credit Union Limited
• Credit Union Atlantic Limited
• Caisse populaire de Clare Limitée

Eligibility

Participating credit unions can offer a low-downpayment mortgage to you under this program if you:

• have a total household income of less than $200,000
• are a first-time homebuyer
• are a Canadian citizen or have permanent resident status and live full-time in Nova Scotia
• have a credit rating of 630 or more
  • in cases where a borrower does not have an established credit history, credit unions may seek evidence of creditworthiness. Contact your credit union for more details
• have the financial ability to pay at least two per cent of the purchase price of the property as a down payment and cover other closing and legal costs
• are able to pass a mortgage stress test and have sufficient income and low enough debt obligations to be pre-approved for the mortgage through your local credit union

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)

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
• $500,000 throughout the rest of the province

How to apply

To apply for a mortgage through the First-time Homebuyers Program, contact any participating credit union. You may also be able to apply to the program through a mortgage broker.

You do not need to submit any application to the government for this program. Program eligibility and enrollment is completed as part of the mortgage application process completed by credit unions.

Program participants may renew their First-time Homebuyer Program-backed mortgage with a national bank or major lender, however, the deficiency guarantee provided by the program is not transferable and you may be required to purchase mortgage insurance. Speak to your mortgage lender for more details.

Mortgage insurance

Mortgages under the First-time Homebuyers Program do not have mortgage insurance. The deficiency guarantee provided by government on these mortgages acts as the mortgage insurance at no additional cost to the homebuyer.

Contact

You can contact any of the participating credit unions for more information on the First-time Homebuyers Program.