Are you a person with a low to modest income who needs financial help to buy or build your first home?
The Homeownership Assistance Program provides financial assistance to families with low and modest incomes to help them buy or build a modest first home.
Buying a Home
If you are buying an existing unit, assistance is in the form of a repayable loan for 40% of the purchase price, closing costs and modest repairs. You must meet your financial institution’s lending requirements.
Building a House
If you are building a new home, assistance is in the form of a repayable loan to a maximum of $75,000. The Department’s financial contribution can be up to half of the total house costs. You will need to provide proof that you have enough private financing that this assistance would ensure the house can be completed.
Whether you are purchasing or building a house, the loan will be repaid at 0% interest for households with incomes of less than $30,000. For each $1,000 of adjusted income above $30,000, the interest rate increases by 0.5% until it equals the provincial borrowing rate at that time. Loans are amortized over a period not to exceed 25 years and subject to one- or five-year terms, depending on your income. Your household income will be reviewed at the end of the term.
This program is for families or individuals with total household incomes below $40,000. You must be a first-time homeowner or living in a substandard housing unit.
You must have a good credit rating and meet your financial institution’s lending requirements for a first mortgage. You must also be able to get private financing that, when combined with our funding, would be enough to cover the costs of buying or building the home. Your household’s total debt service ratio, which is the percentage of your gross annual income needed to cover debts and loans, including your property costs and mortgage payment, must not exceed 42%.
Any type of modest housing that qualifies for a 25-year conventional mortgage or a 20-year mortgage in the case of a manufactured home may be eligible.
Eligible applicants include:
- Single-parent families with one or more children;
- Married couples with or without children;
- Couples living in common-law for at least one year, with or without children;
- A divorced or legally separated applicant with one or more children who had previously shared the ownership of a house;
- Singles
Properties that do not qualify:
- Mini homes that are more than 15 years old.
- Dwellings that have the potential to generate income.
Note: You are not required to have a down payment.
Call Social Development at 1-833-733-7835. Press 1 for English, 2 for French. Press 2 to talk to someone about housing services. Tell the agent that you would like help with the Homeownership Assistance Program.
Please be ready to share basic information, including your contact information, household income and your plans for buying or building. The agent will do an initial screening. If you may be eligible, they will share your information with a housing officer, who will contact you to begin the application process.
Please be ready to share basic information about your household and income and the property you would like to build or buy.