Welcome to WHO’S WHO IN THE 902. I’m Kelly Williams from Keller Williams Select Realty and today on Mortgage Minute with Bruce Lusby of Premiere Mortgages he is going to explain to us what is the Nova Scotia Down Payment Assistance Program and how do you qualify? Good morning Bruce.

B – Good Morning. That’s a great question. This is a great new program for first time home buyers to be able to borrow their minimum 5% down to purchase their first home. And it’s for clients that don’t have the funds available themselves for a down payment. They need to have a minimum credit score of 650. The maximum purchase price in Halifax is $575,000. In the Valley and down on the South Shore it is $375,000 and for the rest of the province it’s a maximum of $300,000 for a purchase price. It’s a 10 year zero interest loan. So it needs to be paid back every month, but there’s no interest and it’s paid back over 10 years. The client does need to have some funds saved for their closing costs, but the province of Nova Scotia is going to lend them their 5% down payment.

K – That is amazing news for the first time home buyer. Thank you Bruce and thank you for joining us for this week’s Mortgage Minute with Bruce. Want more information call Bruce at 902 210 0515 email: bruce.lusby@.premieremortgage.ca. For all your real estate needs, I’m Kelly Williams. Till next week.