Down Payment Assistance Program

Provided by: Finance PEI

Service Description

Applicants can apply to receive a conditionally interest free loan up to five percent of the purchase price of a home, up to a maximum loan of $11,250.00. Payments can be waived for the first year of the loan. Penalties will apply if loan repayments are not made in full and on time.


Applicants must meet all of the following:
-At least one applicant is a Canadian citizen
-First time home buyer
-Total household income is $80,000.00 or less
-Purchase price of home is no more than $225,000.00
-Property is in PEI
-Does not have financial ability to pay five percent of the purchase price without assistance from this program
-Have a satisfactory credit rating
-Purchased property will be the applicant's main residence
No fees to apply
How to Access:
Mail or drop off completed application and supporting documents to Finance PEI
Documents Required:
Down Payment Assistance Program application form and accompanying documents * Please see Finance PEI website for explanation of documents required
Coverage Area:
Prince Edward Island

Service Locations & Contact Info