by Glace Bay-Dominion MLA and Housing Minister John White announced a new First-time Homebuyers Program in Halifax this morning.
Under the program, the required down payment is two per cent of the purchase price ant that’s less than half the usual minimum down payment.
The provincial government is partnering with credit unions across the province to deliver the pilot program.
To qualify for the program, the borrower has to be a resident of Nova Scotia and have a household income of $200,000 or less.
They also have to pass the Canada Mortgage and Housing Corporation stress test to determine the maximum mortgage they can carry and have a credit score of 630 or higher.
The government says previous homeowners who’ve not owned a home in the last four years may also be eligible for the program.
