Newfoundland's First-time Homebuyers Program (FHP) provides a loan of up to 5% of a home's purchase price and the program will cover 50% of legal closing costs. The down payment assistance loan is not interest-free.
Eligible applicants can receive a grant of 50% of legal closing costs, up to $1,500.
The down payment loan is for 5% of the home's purchase price, up to $17,500 in St. John's and Labrador, $15,000 in regional centres, and $12,500 in rural Newfoundland.
Total Household Income | St. John’s and Labrador | Regional Centres | Rural Newfoundland |
---|---|---|---|
$85,000 or less | $17,500 | $15,000 | $12,500 |
$86,000 | $17,000 | $14,500 | $12,000 |
$87,000 | $16,500 | $14,000 | $11,500 |
$88,000 | $16,000 | $13,500 | $11,000 |
$89,000 | $15,500 | $13,000 | $10,500 |
$90,000 | $15,000 | $12,500 | $10,000 |
$91,000 | $14,500 | $12,000 | $9,500 |
$92,000 | $14,000 | $11,500 | $9,000 |
$93,000 | $13,500 | $11,000 | $8,500 |
$94,000 | $13,000 | $10,500 | $8,000 |
$95,000 | $12,500 | $10,000 | $7,500 |
Above $95,000 | $0 | $0 | $0 |
To be eligible, your total household income must be less than $95,000. Households with an income of $85,000 or less will receive the maximum amount, while those up to $95,000 in household income will be eligible for a reduced partial amount.
The maximum home purchase price allowed is $350,000 in St. John's and Labrador, $300,000 in regional centres of Clarenville, Gander, Grand Falls-Windsor, Corner Brook and Stephenville and all communities within a 30 km radius, and $250,000 in the rest of the province.
The interest rate on the down payment assistance loan will vary based on the applicant, but it is capped at a maximum of the current prime rate minus one percent.
Disclaimer: