Many of you may have heard about the recent new Downpayment Assistance Program (DAP) for first-time homebuyers, announced last week. I thought I’d take a minute to go through what this program is offering, since I know it will help many of my potential clients.
This two-year pilot program, administered by Newfoundland and Labrador Housing Corporation (NLHC), is designed to make homeownership accessible for more individuals and families throughout the province. It provides downpayment loan assistance to first-time homebuyers with low-to-moderate incomes.
Applicants must have a total household income of $65,000 or less to quality, and they must be able to obtain a pre-approved mortgage from an accredited lender. 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.
This program is slated to help 100 – 125 individuals each year. Successful applicants will have 5 years after the purchase of their home before loan repayment begins. Again, the goal is help more people afford homes in a sensible, sustainable way.
You can learn more about the DAP, including who is eligible, here. I agree that homeownership is the bedrock of our communities and an investment in our future – that’s why I regularly help first-time home buyers navigate this often complicated process. I’d be happy to answer any questions about this program you might have – please reach me anytime at mark@markglynnhomes.com