Home Ownership Program

Description:

If purchasing an existing unit:
– The department will provide assistance in the form of a repayable loan for 40% of the purchase price of the unit.
– Eligible applicants must meet all lending requirements of their financial institution (bank, credit union, caisse populaire, trust company).

If building a house:
– The department will provide basic assistance in the form of a repayable loan to a maximum of $75,000. The Department’s financial contribution is not to exceed 50% of the total house costs. The applicant would have to provide proof of private financing of a sufficient amount that when combined with our assistance would ensure completion of the house. The Total Debt Service Ratio for new construction loans should not exceed 42%.
– Whether you are purchasing or building a house, the loan will be repaid at 0% interest for those households with incomes less than $30,000. For each $1,000 of adjusted income above $30,000, the interest rate will increase by 0.5% until it equals the provincial borrowing rate.
– Loans will be amortized over a period not to exceed 25 years, and will be subject to terms of one year.