Government of New Brunswick
  • Description
  • Contacts
  • Overview

    Provides financial assistance to low and modest income families to help them buy or build a modest first home.

    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.

    Description

    If purchasing an existing unit:
    - The department will provide assistance in the form of a repayable loan for 40% 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 $75,000. 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 $30,000. For each $1,000 of adjusted income above $30,000, 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.

    Contact Email Location
    Social Development Regional Offices
    Tracadie-Sheila
    Bathurst
    Edmundston
    Fredericton
    Miramichi
    Moncton
    Campbellton
    Saint John