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| Services | November 20, 2009 |
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| Home Ownership Program | |
| Social Development | |
| Overview: | |
Provides financial assistance to low and modest income families to help them buy or build a modest first home. |
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| Eligibility: | |
| Families or individuals with total household incomes below $40,000, and who can obtain private financing such that when combined with our funding would result in the total acquisition/construction of the unit. You must also: - Be a first-time home owner or be living in a substandard housing unit. - Be a resident of New Brunswick and have been living here for at least one year. - Have a good credit rating and meet all financial institution lending requirements for obtaining a first mortgage. Applicants are not required to have a downpayment. - Any type of modest housing which qualifies for a 25-year conventional mortgage, or a 20-year mortgage in the case of a manufactured home, may be eligible. |
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| Description: | |
If purchasing an existing unit: - The deparment will provide assistance in the form of a repayable loan for 25% of the purchase price of the unit. - Eligible applicants must meet all lending requirements of their financial institution (bank, credit union, caisse populaire, trust company). If building a house: - The department will provide basic assistance in the form of a repayable loan to a maximum of $50,000. The Department's financial contribution is not to exceed 50% of the total house costs. The applicant would have to provide proof of private financing of a sufficient amount that when combined with our assistance would ensure completion of the house. The Total Debt Service Ratio for new construction loans should not exceed 42%. - Whether you are purchasing or building a house, the loan will be repaid at 0% interest for those households with incomes less than $25,000. For each $1,000 of adjusted income above $25,000, the interest rate will increase by 0.5% until it equals the provincial borrowing rate. - Loans will be amortized over a period not to exceed 25 years, and will be subject to terms of one year. |
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 Forms and Packages: Forms may require the latest version of Adobe Acrobat Reader. |
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 Online transactions: |
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 Service Contact(s): |
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| Acadian Peninsula (Region 8) - Caraquet | ||
| Chaleur (Region 6) - Bathurst | ||
| Edmundston (Region 4) - Edmundston | ||
| Fredericton (Region 3) - Fredericton | ||
| Miramichi (Region 7) - Miramichi | ||
| Moncton (Region 1) - Moncton | ||
| Restigouche (Region 5) - Campbellton | ||
| Saint John (Region 2) - Saint John | ||
| Related Links: Some links may require the latest version of Adobe Acrobat Reader. | ||
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