A maximum price of 570,000 for HRM and Municipality of East Hants, with 500,000 being the maximum elsewhere in the province.
The Provincial Government of Nova Scotia has partnered with local Credit Unions to launch a pilot program for first-time homebuyers. This initiative is designed to make home ownership more accessible across the province. Below, you’ll find answers to frequently asked questions about this new and exciting program.
What is the Maximum House Price?
Does the Program Allow for a Co-Signor if one is Required?
The FTHP does not permit co-signors or guarantors.
What if the Property is more than the Maximum House Price?
The maximum cannot be exceeded to qualify for the program.
Is new Construction or Purchase-plus-improvements Eligible Under this Loan Guarantee?
No. This guarantee applies exclusively to the purchase of an existing dwelling.
Can the Down Payment come from a Loan?
No. The down payment must come from the member's own resources and cannot be borrowed or provided as cash-back incentives.
What Types of Homes are Eligible?
Detached, semi-detached, row housing, condos, and certain mobile or prefab homes. For more details on if a property qualifies, please reach out to our staff.
Are Rental, Seasonal, or Leisure Properties Applicable?
No. The property must become the applicants primary residence.
Can I Refinance my Mortgage at Renewal?
Refinancing at renewal is not permitted in order to maintain the deficiency guarantee.
Should you be interested in this program or have further questions, please contact either ask@inovacu.ca or one of our Personal Lenders listed below.
Chad Fowler : CFowler@inovacu.ca
Patricia Ellsworth : PEllsworth@inovacu.ca
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Copyright 2025 iNova Credit Union. All rights reserved.
Copyright 2025 iNova Credit Union. All rights reserved.
