Big news in NL! The Newfoundland and Labrador Government announces the New Home Purchase Program today.
This program will allow first time home buyers to apply for a loan to be used as down-payment on their first home. The government also announced that a small part of that loan will now be in the form of a grant. (Free money!)
Eligible households can receive 5% of the purchase price of up to $250,000 for a new or existing home. If the home is more than $250,000, the buyer can make up the difference of course with their own resources. Click here to read the government’s news release. There will be more information released on April 1st on the Newfoundland and Labrador Housing Corporation’s (NLHC) website – I will update ASAP.
This is a fantastic initiative since the biggest hurdle for first time home buyers is saving enough money for a down-payment.
We are sending applications for pre-approval right now! The program opens April 1st and there is only a certain amount of funds available. Don’t hesitate! Call today for a confidential discussion of your mortgage options.
Mortgage Professional, DLC Smarter Choice Mortgages