top of page

Amazing News!! First Time Homebuyer - Down Payment Assistance is BACK!!

Updated: Jan 2


After a several year absence, the NLHC First Time Home Buyer - Down Payment Assistance program is back! Click the link below on November 1st, 2023 to download the application. It is first come first serve! https://www.nlhc.nl.ca/housing-programs/first-time-homebuyers-program-fhp/




Program Summary:

Who is eligible?

  • Applicants must be first-time homebuyers from any region of the province who meet the First-time Homebuyers Program (FHP) requirements and have been pre-approved for a mortgage by a recognized financial institution.

  • The program will assist approximately 150 applicants.

  • The program will provide eligible households a grant of 50% of the legal closing costs up to a maximum of $1,500, plus a repayable loan up to five percent of the purchase price of a new or existing home, to a maximum purchase price of $350,000 (St. John’s [Census Metro Area] and Labrador); $300,000 in regional centres (Clarenville, Gander, Grand Falls-Windsor, Corner Brook and Stephenville and all communities within a 30 km radius); $250,000 (in the remainder of the Province [Rural]).

  • The amount of the loan will be based on a sliding scale that takes into consideration the applicant’s household income level and the cost of the home being purchased.

  • All mortgagors must be first-time home buyers.

  • Applicants are permitted to have a guarantor on their FHP Mortgage.

What are the income limits?

  • Applicants must have a total household income of less than $85,000 to qualify for the full loan.

  • Total household incomes up to $95,000 are also eligible based on a sliding scale of assistance.

How much Assistance can you receive?

  • Grants will be available for 50% of the legal closing costs associated with your purchase of your property up to a maximum of $1,500.

  • Loan amounts are based on the maximum purchase price which are subject to maximum purchase prices established by the program:

    • $350,000 (St. John’s [Census Metro Area] and Labrador);

    • $300,000 in regional centres (Clarenville, Gander, Grand Falls-Windsor, Corner Brook and Stephenville and all communities within a 30 km radius); and

    • $250,000 (in the remainder of the Province [Rural]).


  • For example, in St. John’s and Labrador where housing prices are highest, the maximum assistance provided to applicants with a household income of $85,000 will be $19,000 (loan of $17,500 plus grant of $1,500), while the maximum assistance for applicants in the same region with a household income of $95,000 will be $14,000 (loan of $12,500 plus grant of $1,500).

Contact The Mortgage Missus Inc. today to get the process started! tonia@themortgagemissus.ca


Tonia Mercer | The Mortgage Missus Inc.



About the author,

Tonia Mercer is an independent mortgage broker. She has been in the industry for 15 years, in 2021 she launched her own brokerage The Mortgage Missus Inc.

Tonia is passionate about financial education and believes that working with independent experts is the best way to get unbiased, professional advice. She has joined forces with local independent home and auto, financial advisor, legal, appraiser and real estate service providers.Effectively creating a concierge service for all things financial and real estate.

Tonia donates a portion of all mortgage revenue to Mercer's Mission, a street dog and cat feeding mission in the Dominican Republic. https://www.facebook.com/mercersmission



128 views0 comments

Comments

Rated 0 out of 5 stars.
No ratings yet

Add a rating
bottom of page