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Anyone who meets the pilot's eligibility criteria, including residency, income, and credit requirements.
Opening the door to homeownership for first-time buyers
The First-Time Homebuyer Pilot Program is a mortgage product offered exclusively by Nova Scotia Credit Unions and backed by a deficiency guarantee from the Government of Nova Scotia. The program makes the journey towards homeownership more affordable and attainable for Nova Scotians who are looking to purchase their first home.
Benefits:
- Purchase a home with as little as 2% down
- Affordable and attainable homeownership
- No extra fees or insurance premiums
Features:
- Must be homeowner's primary residence
- Wide range of qualifying home types
- Pre-approval option for peace of mind
Interested in learning more?
Ready to apply?
Why choose this program?
More possibilities
Homes up to $570,000 may qualify depending on your region.
Flexible options
Prepayment options allow you to prepay and adjust payments later as your finances grow.
Direct cost savings
Own your first home in Nova Scotia with as little as 2% down and save even more with no additional insurance premiums.
Work with a local East Coast CU mortgage advisor
At East Coast CU, we're passionate about helping you reach your goals. We're excited to offer the First-Time Homebuyer Pilot Program to our members and help them reach their goal of homeownership faster with support and expert guidance from our team of experienced mortgage advisors. Ready to get started?
Program eligibility
Below is an overview of eligibility criteria. Our mortgage experts will review the full eligibility requirements with you during your appointment. Additional program details are available through the Government of Nova Scotia website.
**Additional program eligibility terms and conditions apply.
Members
Eligible members must:
- Be a Canadian citizen or permanent resident with Nova Scotia as their primary residence.
- Be a first-time homebuyer as defined below.
- Have a total household income of less than $200,000.
- Have a credit rating of 630 or more.
- Pass the Canada Mortgage and Housing Corporation (CMHC) mortgage stress test.
- Be able to provide a minimum of two per cent (2%) of the purchase price of the home as a down payment and cover other closing and legal fees.
You are considered a first-time homebuyer if you meet one of the following:
- An individual who has never acquired ownership of a dwelling in Canada by way of purchase, inheritance, or gift.
- An individual who has previously owned a home but has gone through a breakdown of a marriage or common-law relationship.
- An individual who has not occupied a home that either they or their current spouse or common-law partner owned in the last four years.
Homes
Eligible homes must:
- Be located in Nova Scotia.
- Be purchased for the purpose of becoming the primary residence of the member.
- Have a purchase price that does not exceed:
- $570,000 in Halifax Regional Municipality and the Municipality of East Hants.
- $500,000 throughout the rest of Nova Scotia.
Types of eligible homes:
- Detached House
- Semi-Detached House
- Row Housing
- Condominiums
- Prefab Housing*
- Mobile Homes*
*Additional eligibility criteria and guidelines apply to mobile, manufactured, and tiny homes.
Frequently Asked Questions (FAQ)
Who can apply for the pilot program?
Can the down payment come from a loan?
No. The down payment must come from the homebuyer's own resources and cannot be borrowed or provided as cash-back or incentives, though eligible gifts are permitted.
How long does the guarantee last?
The guarantee applies to renewals for up to 15 years. Maximum amortization is 25 years.
Are rental properties, seasonal, and recreational properties eligible under this pilot?
No. Rental properties, seasonal and recreational properties are not eligible. The home must be the homebuyer's primary residence.
Is new construction or purchase-plus-improvements eligible under this loan guarantee?
No. This guarantee does not apply to new construction or purchase-plus improvements.
Are costs like appraisals or legal fees covered?
No. Costs such as appraisals and legal fees are not covered under the program. These are considered closing costs and are the responsibility of the homebuyer.
Can I refinance my mortgage at renewal?
No. Refinancing at renewal is not permitted in order to maintain the deficiency guarantee.
More for first-time homebuyers
Buying a home
Are you ready for homeownership?
Location, size, layout... there are lots of things to consider. Make lists, and ask all the questions that pop into your head when preparing to buy.
READ ARTICLE
Home financing
Real home financing cost checklist
This detailed checklist will help you keep track of all the extra costs that sneak up (and add up!) when purchasing a home.
DOWNLOAD CHECKLIST
Save for a home
First Home Savings Account
Save for your down payment and get closer to your dream of owning your first home with tax-free savings.
LEARN MORE
Pilot program delivered in partnership with:
