Home › Calculators › First-time buyer eligibility check

New Glasgow

Calculators · Nova Scotia · last verified 2026-09-20

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.

Find out which fits Book a 15-minute call

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 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.

Answered by Riley Oickle, Associate Mortgage Broker, NS licence 3001134 · Verified 2026-09-20 · Sources

2–4%

Down payment under the First-time Homebuyers Program, through participating credit unions

$200,000

Household income cap; the Down Payment Assistance Program caps at $145,000

$570,000 / $500,000

Price caps, HRM and the rest of Nova Scotia

630

Minimum credit score; 650 for the Down Payment Assistance Program, 600 for a standard insured mortgage

Check your situation

Household income before tax Credit score (the lower of the two applicants)

Purchase price Area

Owned a home in the last four years (either applicant)? Municipality (for the deed transfer tax)

Nova Scotia First-time Homebuyers Program (2–4% down)Likely fits

Cash on that route: 2% down plus deed transfer tax$16,365

Nova Scotia Down Payment Assistance Program (5% loan)Likely fits

Cash on that route: any down payment above the 5% loan, plus deed transfer tax$7,014

Standard insured mortgage (5% down on the first $500,000, 10% above)Likely fits

Cash on that route: minimum down payment plus deed transfer tax$30,393

Deed transfer tax, cash on every route$7,014

Least cash on closing on a route that fits$7,014

Program caps only. Whether the payment fits your income is the debt-service test, on the affordability calculator. Legal fees and the other closing costs are on top; a credit union or lender confirms eligibility on the file.

The three routes, and the cash each needs on the example above

The example: a $95,000 household, credit 680 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; $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 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.

Go deeper

The detail, if you want it

The three routes on the average price

August 2026 averages from Nova Scotia Association of REALTORS® / CREA monthly statistics; a $95,000 household, credit 680+, no home owned in four years, deed transfer tax at 1.5% (Municipal Deed Transfer Tax Rates (Province of Nova Scotia), July 2026). Cash excludes legal fees.
Route	Nova Scotia average, West Hants, Annapolis Valley and South Shore $467,585	Halifax-Dartmouth average, HRM $592,675
Nova Scotia First-time Homebuyers Program	Likely fits; cash $16,365	Does not fit: price over the $570,000 cap
Nova Scotia Down Payment Assistance Program	Does not fit: price over the $375,000 cap for this area	Does not fit: price over the $570,000 cap for this area
Standard insured mortgage	Likely fits; cash $30,393	Likely fits; cash $43,158

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. NSAR publishes by region, never by town.

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 HRM / $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	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

Why the cash is never zero

Deed transfer tax is cash on every route: 1.0% to 1.5% by municipality, $7,014 on the $467,585 provincial average in HRM. 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.

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, 5% down on the first $500,000 and 10% above, 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; apply before you write an offer.

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.

Book a 15-minute call

(902) 298-0218 · Monday to Friday, 9:00 am to 5:00 pm Atlantic

Which route should you take?

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.

Book a 15-minute call Start a pre-approval