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 $200,000; Up to 100% financing

Option 2:

Loan amount $200,001 to $300,000; Up to 98% financing (2% down required)

  • Program details

    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.

  • 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.