Home Loan Products

1st Time. 1st Home

1st National Bank of Scotia’s First Time Homebuyer Program
As a community bank we want to help you build financial stability and make homeownership a reality. 1st National Bank of Scotia is pleased to offer two exclusive programs, designed with the first time homebuyer* in mind.

OPTION 1:

Loan amount up to $300,000; Up to 100% financing

OPTION 2:

Loan amount $300,001 to $400,000; Up to 98% financing (2% down required)

Available for 1 – 2 unit primary owner occupied residences, including condos and townhouses. Escrow is required for taxes and homeowners insurance

  • No income limitations

  • Low closing costs with lender credit for a portion of closing costs

  • Up to 3% seller paid concessions and gifts acceptable

  • No Private Mortgage Insurance

  • Property must be free of safety, soundness or habitability issues

  • Online Homebuyer Education course required

*First time homebuyer defined as not owning any type of real estate within the last 3 years from the date of application.

     Centennial ARM Program

Our adjustable rate mortgage program that offers you a one time, no cost modification to a fixed rate, on your 1st National residential mortgage.

  • One time modification to a fixed rate 1st National Bank of Scotia mortgage product

  • Requests accepted in writing, anytime during the term of the loan

  • Offer specific to fixed rate change only

  • Current account must be in good standing*

*Borrower must meet 1st National Bank of Scotia underwriting standards at the time of the modification request. Offer available to all new adjustable rate mortgage applicants as of 6/12/2023.

No PMI Mortgages

Our Borrow More, Pay Less program will allow you to make your dream castle a reality. Take advantage of this special program and avoid paying secondary market fees and private mortgage insurance

  • Up to 90% financing available*

  • No Private Mortgage Insurance

  • Purchase or refinance

  • No Points

  • Escrow available

  • One and two unit residential owner-occupied properties only

  • Competitive fixed rate programs with 10-30 year terms

*Purchase transactions based on the lower of the appraised value or purchase price. Refinance transactions based on third party appraised value.

Homebuyer Dream Program

First time homebuyers* can qualify for a grant up to $20,000 toward down payment and closing cost assistance.

  • Loan amount up to $400,000.

  • Household must meet income guidelines for the county where they are purchasing property.

  • Homeownership counseling program required.

  • Available for 1 – 2 unit primary owner occupied residences, including condos and townhouses.

  • Escrow is required for taxes and homeowners insurance

  • Up to 3% seller paid contributions and gifts acceptable

  • No Private Mortgage Insurance

  • Property must be free of safety, soundness or habitability issues

  • Must own and occupy the home for 5 years.

*First time homebuyer defined as no ownership in a principal residence during the last three years from the date of application.

New Construction Loans

Helping your dream home come to life.

  • For new construction

  • Up to 300 day rate lock from time of application

  • Both adjustable and fixed rates available

  • Automatic loan payment required

  • Escrow option available

  • No Private Mortgage Insurance (PMI) required

  • Maximum 90% LTV (based on purchase price or appraised value whichever is less) up to

  • Freddie Mac Single Family Limit

  • Jumbo financing available up to 85% maximum LTV (based on purchase price or appraised value whichever is less)

  • Purchase transactions including land and home for 1 unit owner occupied, stick built construction

  • Originated and serviced by local lender

For additional products and special offers visit our mortgage page.