New Glasgow
Nova Scotia first-time buyer eligibility check
Three routes to a first home here: the province’s 2% down program, its 5% down payment loan, and the standard insured mortgage. Which ones you fit, and the cash each needs on closing day.
Do I qualify for the Nova Scotia 2% down program?
Four tests: household income under $200,000, a credit score of at least 630, a purchase price up to $570,000 in Halifax Regional Municipality and East Hants or $500,000 elsewhere, and no home owned in the last four years. Participating credit unions only, with 2 to 4% down and a provincial guarantee instead of mortgage insurance.
Check your situation
Enter your household income, a credit range, the price and the municipality. The municipality sets the price caps and the deed transfer tax together, so pick the one the home is in.
These are the program caps only. Whether the payment fits your income is the debt-service test, on the affordability calculator. For the whole cash plan, with the FHSA, the Home Buyers’ Plan and every closing cost, use the first-time home buyer calculator.
The three routes, and the cash each needs on the example above
The example: a $95,000 household, credit 650 or higher, the August 2026 provincial average of $467,585 in HRM, deed transfer tax at 1.5%
2% down programCredit unions only
- Down payment
- 2–4% of the price
- Household income cap
- Under $200,000
- Price cap
- $570,000 in HRM and East Hants; $500,000 elsewhere
- Minimum credit score
- 630
- Cash on closing, this example
- $16,365
Down Payment Assistance loanAny insured lender
- Down payment
- 5% lent by the province, repaid over 10 years
- Household income cap
- Under $145,000
- Price cap
- $570,000 Halifax Regional Municipality and East Hants; $375,000 West Hants, Annapolis Valley and South Shore; $300,000 Yarmouth County, Northern and Eastern regions
- Minimum credit score
- 650
- Cash on closing, this example
- $7,014
Standard insuredAny insured lender
- Down payment
- 5% of the first $500,000 and 10% of the remainder (1–2 units)
- Household income cap
- None; 39% and 44% debt-service ratios instead
- Price cap
- Under $1,500,000
- Minimum credit score
- 600
- Cash on closing, this example
- $30,393
Least cash up front on this example: the Down Payment Assistance loan, repaid over 10 years.
Cash is the down payment plus deed transfer tax; legal fees and the other closing costs are on top. Province of Nova Scotia program pages and CMHC, verified September 20, 2026.
The three routes on three purchases
The same household as above: $95,000 of income, credit of 650 or higher, never owned a home. Where the home is changes the answer as much as the price does.
| Route | Verdict, and the cash on closing |
|---|---|
| Nova Scotia average, $467,585, in the County of Kings Deed transfer tax 1.5%, $7,013.78 | |
| 2% down program | Likely fits. $16,365.48 in cash |
| Down Payment Assistance loan | Does not fit: price over the $375,000 cap for this area |
| Standard insured mortgage | Likely fits. $30,393.03 in cash |
| $550,000 in East Hants Deed transfer tax 1.5%, $8,250 | |
| 2% down program | Likely fits. $19,250 in cash |
| Down Payment Assistance loan | Likely fits. $10,750 in cash |
| Standard insured mortgage | Likely fits. $38,250 in cash |
| Halifax-Dartmouth average, $592,675, in Halifax Deed transfer tax 1.5%, $8,890.13 | |
| 2% down program | Does not fit: price over the $570,000 cap |
| Down Payment Assistance loan | Does not fit: price over the $570,000 cap for this area |
| Standard insured mortgage | Likely fits. $43,157.63 in cash |
East Hants is grouped with Halifax under both programs, so $550,000 fits there. The same price next door in West Hants fits neither: its caps are $500,000 and $375,000. The Halifax-Dartmouth average sits above both provincial caps, which is why in HRM the programs fit condominiums and townhouses more often than detached houses.
Go deeper
The detail, if you want it
The tests, side by side
| Test | Nova Scotia First-time Homebuyers Program | Nova Scotia Down Payment Assistance Program | Standard insured |
|---|---|---|---|
| Down payment | 2–4% | 5% lent by the province | 5% of the first $500,000 and 10% of the remainder (1–2 units) |
| Household income | Under $200,000 | Under $145,000 | No cap; 39% / 44% ratios |
| Credit score | 630+ | 650+ | 600+ |
| Price cap | $570,000 in Halifax Regional Municipality and East Hants; $500,000 elsewhere | $570,000 Halifax Regional Municipality and East Hants; $375,000 West Hants, Annapolis Valley and South Shore; $300,000 Yarmouth County, Northern and Eastern regions | Under $1,500,000 |
| First-time | No home owned in the last four years | No home owned in the last four years, or a marriage or common-law breakdown since | Not required |
| Lender | Atlantic Central and participating Nova Scotia credit unions | Any lender, with the province’s loan | Any insured lender |
| Insurance | None — a provincial deficiency guarantee (90% of any shortfall) stands in for mortgage insurance at no cost to the buyer | CMHC, Sagen or Canada Guaranty premium, financed | Premium financed; no PST in Nova Scotia |
Who counts as a first-time buyer
The First-time Homebuyers Program’s test is no home owned in the last four years. The Down Payment Assistance Program accepts any one of three: a buyer who
- has never owned a home by purchase, inheritance or gift
- has not lived in a home owned by themselves or their current spouse, common-law partner or cohabitant in the last four years
- previously owned a home but has been through the breakdown of a marriage or common-law partnership
Everyone on the deed has to meet it. The standard insured route has no first-time test at all. The loan itself, and its repayment, are on the Down Payment Assistance calculator.
Why the cash is never zero
Deed transfer tax is cash on every route: 1% to 1.5% by municipality, $7,013.78 on the $467,585 provincial average in Halifax Regional Municipality. A 2% down payment does not mean 2% cash. Legal fees, recording and title insurance are on top. Every closing cost on your price →
On the Down Payment Assistance route the 5% loan covers the minimum on a price up to $500,000; above it the minimum rises to 10% on the excess and the difference is cash. Only Halifax Regional Municipality and East Hants has a cap above $500,000, so that is the one area where it arises.
Why a broker
Licensed, independent, paid by the lender
- Licensed in Nova Scotia Associate broker 3001134, verifiable on the provincial register
- $0 broker fee On a standard residential mortgage the lender pays, not you
- Banks, credit unions, monolines One application, one credit check, placed with the lender that reads your file best
- Every part of the province Bedford office, remote process: Yarmouth to Sydney, the same four steps
Questions people ask
Can I use the 2% down program and the Down Payment Assistance Program together?
No. The two are separate provincial programs and cannot be combined. The First-time Homebuyers Program lowers the down payment to 2–4% through participating credit unions; the Down Payment Assistance Program lends 5% of the price, interest-free, repaid over 10 years, toward a standard insured mortgage. Pick the one whose caps you fit, and compare the credit union rate against the insured route.
What if my household income is over $200,000?
Neither provincial program applies: the First-time Homebuyers Program caps income at $200,000 and the Down Payment Assistance Program at $145,000. The standard insured route has no income cap; it is limited by the 39% and 44% debt-service ratios, a minimum down payment of 5% of the first $500,000 and 10% of the remainder (1–2 units), and a price under $1,500,000.
What credit score do I need?
630 for the First-time Homebuyers Program, 650 for the Down Payment Assistance Program and 600 for a standard insured mortgage. Below 600 the file moves to an alternative lender or waits for the score to recover; the six months before an application matter more than the six years before that.
How does the Down Payment Assistance Program loan work?
The province lends 5% of the purchase price, interest-free, repaid over 10 years, to first-time buyers with household income under $145,000 and credit of 650 or more, on a price up to $570,000 in HRM and East Hants, $375,000 in West Hants, Annapolis Valley and South Shore, and $300,000 elsewhere. Processing takes about 3 weeks: you apply with a signed Agreement of Purchase and Sale, at least 3 weeks before its financing deadline, so tell your realtor before you write the offer.
Does East Hants get the Halifax price cap?
Yes, under both programs. The First-time Homebuyers Program accepts a price up to $570,000 in Halifax Regional Municipality and East Hants and $500,000 in the rest of the province, and the Down Payment Assistance Program caps the same area at $570,000. West Hants, next door, is under the $500,000 and $375,000 caps instead.
Which first-time buyer route needs the least cash on closing?
On the August 2026 provincial average of $467,585 in Halifax, the Down Payment Assistance loan: $7,014, against $16,365 on the 2% down program and $30,393 on a standard insured mortgage. Each figure is the down payment plus the 1.5% deed transfer tax; legal fees are on top. The Down Payment Assistance loan is repaid over 10 years, $195 a month on that price.
Still unsure? Ask me directly.
If your question isn't here, your situation is probably specific. Fifteen minutes on the phone beats reading another page, and nothing is pulled on your credit.
(902) 298-0218 · Monday to Friday, 8:00 am to 10:00 pm Atlantic
Fit a program? The mortgage still has to be approved.
Send your income, a rough credit picture and where you are looking; you get back which of the three routes fits, the cash each needs on closing, and which lender reads your file best, within a business day.
(902) 298-0218 · Monday to Friday, 8:00 am to 10:00 pm Atlantic