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Episode 86: 2% Down Payment in Nova Scotia! W/ Matt Legatto
The government of Nova Scotia has announced a pilot program, partnering with local credit unions, to bring 2% down payments to first time home buyers in the province. The Nova Scotia government has also announced that there will be no mortgage insurance from CMHC by the program, and the Nova Scotia government themselves will be the guarantor of the mortgage for the Credit Union.
Claiming that this will help making homeownership more accessible to first time home buyers at a time of all time home prices in Halifax and in Nova Scotia.
Matt and I will break down the pros and cons of this new pilot program, and some things that may homebuyers may not be aware of until they've already committed to the program.
A few things for example.
1.) Through this program, homebuyers will be locked into a 5-year fixed term mortgage at 4.99%. Through a traditional bank with a 5% down payment, homebuyers can get interest rates as low as 4.05%.
2.) At the end of the 5 year fixed term with credit union, will the homeowner have enough equity in their home to go to another lender? If not, they will have to sign another term with the credit union at a higher interest rate than the typical banks are offering. And if they do switch lenders, they will have to pay the CMHC mortgage insurance.
3.) Household incomes up to $200,000 can qualify for this pilot program, but Credit Union will be decreasing the alloted gross debt service (GDS) and total debt service (TDS) available, making it harder for buyers to qualify for this program.
And so much more!
A separate article about the 2% down payment program
https://financialpost.com/real-estate/mortgages/nova-scotia-2-temptation-young-mortgage-shoppers#:~:text=Nova%20Scotia%20has%20made%20the,a%20standard%20default%2Dinsured%20loan.
2% Down Payment Program
https://novascotia.ca/first-time-home-buyers-program-pilot/
Nova Scotia Down Payment Assistance Program
https://www.novascotia.ca/apply-loan-help-down-payment-your-first-home-down-payment-assistance-program
Jason Paul
902-220-7357
jason@infinityrealestategroup
@halifaxrealestatepodcast
Matt Legatto
902-240-3304
[email protected]
@mattlegatto.mortgages
Claiming that this will help making homeownership more accessible to first time home buyers at a time of all time home prices in Halifax and in Nova Scotia.
Matt and I will break down the pros and cons of this new pilot program, and some things that may homebuyers may not be aware of until they've already committed to the program.
A few things for example.
1.) Through this program, homebuyers will be locked into a 5-year fixed term mortgage at 4.99%. Through a traditional bank with a 5% down payment, homebuyers can get interest rates as low as 4.05%.
2.) At the end of the 5 year fixed term with credit union, will the homeowner have enough equity in their home to go to another lender? If not, they will have to sign another term with the credit union at a higher interest rate than the typical banks are offering. And if they do switch lenders, they will have to pay the CMHC mortgage insurance.
3.) Household incomes up to $200,000 can qualify for this pilot program, but Credit Union will be decreasing the alloted gross debt service (GDS) and total debt service (TDS) available, making it harder for buyers to qualify for this program.
And so much more!
A separate article about the 2% down payment program
https://financialpost.com/real-estate/mortgages/nova-scotia-2-temptation-young-mortgage-shoppers#:~:text=Nova%20Scotia%20has%20made%20the,a%20standard%20default%2Dinsured%20loan.
2% Down Payment Program
https://novascotia.ca/first-time-home-buyers-program-pilot/
Nova Scotia Down Payment Assistance Program
https://www.novascotia.ca/apply-loan-help-down-payment-your-first-home-down-payment-assistance-program
Jason Paul
902-220-7357
jason@infinityrealestategroup
@halifaxrealestatepodcast
Matt Legatto
902-240-3304
[email protected]
@mattlegatto.mortgages
View all episodes
By Jason Paul
5
22 ratings
The government of Nova Scotia has announced a pilot program, partnering with local credit unions, to bring 2% down payments to first time home buyers in the province. The Nova Scotia government has also announced that there will be no mortgage insurance from CMHC by the program, and the Nova Scotia government themselves will be the guarantor of the mortgage for the Credit Union.
Claiming that this will help making homeownership more accessible to first time home buyers at a time of all time home prices in Halifax and in Nova Scotia.
Matt and I will break down the pros and cons of this new pilot program, and some things that may homebuyers may not be aware of until they've already committed to the program.
A few things for example.
1.) Through this program, homebuyers will be locked into a 5-year fixed term mortgage at 4.99%. Through a traditional bank with a 5% down payment, homebuyers can get interest rates as low as 4.05%.
2.) At the end of the 5 year fixed term with credit union, will the homeowner have enough equity in their home to go to another lender? If not, they will have to sign another term with the credit union at a higher interest rate than the typical banks are offering. And if they do switch lenders, they will have to pay the CMHC mortgage insurance.
3.) Household incomes up to $200,000 can qualify for this pilot program, but Credit Union will be decreasing the alloted gross debt service (GDS) and total debt service (TDS) available, making it harder for buyers to qualify for this program.
And so much more!
A separate article about the 2% down payment program
https://financialpost.com/real-estate/mortgages/nova-scotia-2-temptation-young-mortgage-shoppers#:~:text=Nova%20Scotia%20has%20made%20the,a%20standard%20default%2Dinsured%20loan.
2% Down Payment Program
https://novascotia.ca/first-time-home-buyers-program-pilot/
Nova Scotia Down Payment Assistance Program
https://www.novascotia.ca/apply-loan-help-down-payment-your-first-home-down-payment-assistance-program
Jason Paul
902-220-7357
jason@infinityrealestategroup
@halifaxrealestatepodcast
Matt Legatto
902-240-3304
[email protected]
@mattlegatto.mortgages
Claiming that this will help making homeownership more accessible to first time home buyers at a time of all time home prices in Halifax and in Nova Scotia.
Matt and I will break down the pros and cons of this new pilot program, and some things that may homebuyers may not be aware of until they've already committed to the program.
A few things for example.
1.) Through this program, homebuyers will be locked into a 5-year fixed term mortgage at 4.99%. Through a traditional bank with a 5% down payment, homebuyers can get interest rates as low as 4.05%.
2.) At the end of the 5 year fixed term with credit union, will the homeowner have enough equity in their home to go to another lender? If not, they will have to sign another term with the credit union at a higher interest rate than the typical banks are offering. And if they do switch lenders, they will have to pay the CMHC mortgage insurance.
3.) Household incomes up to $200,000 can qualify for this pilot program, but Credit Union will be decreasing the alloted gross debt service (GDS) and total debt service (TDS) available, making it harder for buyers to qualify for this program.
And so much more!
A separate article about the 2% down payment program
https://financialpost.com/real-estate/mortgages/nova-scotia-2-temptation-young-mortgage-shoppers#:~:text=Nova%20Scotia%20has%20made%20the,a%20standard%20default%2Dinsured%20loan.
2% Down Payment Program
https://novascotia.ca/first-time-home-buyers-program-pilot/
Nova Scotia Down Payment Assistance Program
https://www.novascotia.ca/apply-loan-help-down-payment-your-first-home-down-payment-assistance-program
Jason Paul
902-220-7357
jason@infinityrealestategroup
@halifaxrealestatepodcast
Matt Legatto
902-240-3304
[email protected]
@mattlegatto.mortgages
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