UPDATE: Effective February 12, 2019 – This program for NL is now closed. All funds for the 2019 program have been allotted.
This program is offered by the Federal Government and administered via Newfoundland and Labrador Housing Corporation. There are limited funds available for 2019, and will be administered on a first come basis only. Once the money has been allotted the program will end.
Who is eligible?
Applicants must be first-time homebuyers from any region of the province who meet the FHP requirements and have been pre-approved for a mortgage by a recognized financial institution.
All mortgagors must be first-time home buyers.
- The program will assist approximately 100 applicants.
- The program will provide eligible households with up to five percent of the purchase price of a new or existing home ($2,000 of which will be a grant, the remainder will be a repayable loan), to a maximum purchase price of $250,000 (St. John’s [Census Metro Area] and Labrador; $200,000 in regional centres (Clarenville, Gander, Grand Falls-Windsor, Corner Brook and Stephenville and all communities within a 30 km radius ); $175,000 (in the remainder of the Province [Rural]).
- The amount of the funding provided 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.
- 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 $75,000 to qualify for the full funding amount.
- Total household incomes up to $85,000 are also eligible based on a sliding scale of assistance.
How much Assistance can you receive?
- Funding is based on the maximum 5% of purchase price and is subject to maximum purchase prices established by the program:
$250,000 (St. John’s [Census Metro Area] and Labrador;
$200,000 in regional centres (Clarenville, Gander, Grand Falls-Windsor, Corner Brook and Stephenville and all communities within a 30 km radius); and
$175,000 (in the remainder of the Province [Rural]).
- For example, in St. John’s and Labrador where housing prices are highest, the maximum funding provided to applicants with a household income of $75,000 will be $12,500, while the maximum funding for applicants in the same regions with a household income of $85,000 will be $7,500.
Any questions, please don’t hesitate to contact me.
Royal Lepage Atlantic Homestead
709-685-7575 call or text
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