Down Payment Assistance Program

AKA: DPAP
Provided by: Finance PEI
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Service Description

Applicants can apply to receive a conditionally interest free loan of up to five percent of the purchase price of a home, up to a maximum loan of $17,500.

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.

Information

Eligibility:
Applicants must meet all of the following:
-At least one applicant is a Canadian citizen
-First time home buyer
-Total household income is $95,000 or less
-Purchase price of home is no more than $350,000
-Property is on 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 must be the applicant's principal residence, and be owner occupied as a single family dwelling
Fees:
No fees to apply
How to Access:
Complete online application * If unable to apply online, call for application form or download and print from website * Once application is complete, mail or drop off to Finance PEI along with required documents
Documents Required:
Completed application form and required documents * Please see Finance PEI website for explanation of documents required
Language:
English
Website:
https://www.princeedwardisland.ca/en/information/finance-pei/down-payment-a(...)
Coverage Area:
Epekwitk / Prince Edward Island

Service Locations & Contact Info