Making you feel right at home
Buying a home is one of the biggest financial decisions you will make. Our experienced mortgage team will offer you personalized, professional service to help guide you along the way.
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.
Loan amount up to $200,000; Up to 100% financing
Loan amount $200,001 to $300,000; Up to 98% financing (2% down required)
Available for 1 – 2 unit primary owner occupied residences, including condos and townhousesEscrow 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.
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
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.