- Posted by Doreen Husk
- On March 10, 2017
- 0 Comments
Downpayment Assistance Program (DAP)
Who is eligible?
- Applicants must be first-time homebuyers from any region of the province who meet the DAP requirements and all other criteria for approval from a financial institution.
- The program will assist approximately 100-125 applicants annually.
- The program will provide eligible households a repayable loan of up to five percent of the purchase price of a new or existing home, 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 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.
Please feel free to contact me for additional additional information