Changes Made To Down Payment Assistance Program

The province is making changes to its Down Payment Assistance Program that offers eligible homebuyers an interest-free loan of up to five per cent of the price of their first home.

In Cape Breton, the cut-off for home prices has gone from $200,000 to $300,000.

It’s gone up to $500,000 in the Halifax area.

Other changes to the program include increasing the total household income eligibility from $75,000 to $145,000 across the province and removing the sliding scale to provide five per cent down payment to all applicants.

Under the changes, the maximum down payment interest-free loan will be $25,000, repayable over 10 years.

Repayment starts one month after the loan is issued.

Bobby Nock

Bobby grew up in Whycocomagh before moving to Halifax to attend university where he earned a Bachelor of Arts and a Bachelor of Journalism degree. After university, Bobby moved back to Cape Breton where he began working as a freelance journalist and has done work for both print media and as a broadcast journalist. As the News Director, Bobby Nock will get your day started by bringing you information that helps connect you to the community with all the latest in local news.

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