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.

No PMI Mortgages

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