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The Nova Scotia government says it’s the first province in Canada to slash the minimum down payment buyers are required to save up in order to purchase their first home.
Housing Minister John White announced a new four-year pilot program Tuesday that will lower the usual five per cent down payment required when purchasing a home to two per cent for participating first-time buyers.
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The province will guarantee those mortgages, to be delivered through participating credit unions, and will make up most of the lender’s shortfall if a buyer defaults.
Buyers in the Halifax area can spend up to $570,000 under the program while homes in the rest of the province can be worth up to $500,000.
Buyers will not need mortgage insurance, which the minister says will save them more money.
White says there’s no limit to the number of buyers who can sign up and he expects hundreds will take part.
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