Government Grants

Home Ownership Program

Type:
Financial Aid
Availability:

Summary

Eligibility

In order to qualify for this grant, you must meet the following criteria:

  • Income must not exceed $40,000 and are able to obtain private funding
  • Must be a first-time homeowner or live in a sub standardised housing unit
  • Must be a resident of New Brunswick and have lived there for at least one year
  • Have a good credit rating and meet all requirements for financial institution lending for a first mortgage

For purchasing an existing unit:

  • A repayable loan for 40% of the purchase price will be provided
  • Applicants must meet all lending requirements

For building a new home:

  • A repayable loan of up to $75,000 will be provided
  • Loan will be repaid at 0% interest for households whose income does not exceed $30,000

Additional Information

  • You are not required to put forward a downpayment
  • Housing that qualifies for a 20-25 year mortgage may be eligible

How to Apply

Contact your local Social Development Office. Click here for the contact information pertinent to your region

Resources

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