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)

  • Program details

    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.

  • Program details
    • 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.

  • Program details
    • 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 $30,000 toward down payment and closing cost assistance.

  • Program details

    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