Down Payment Assistance Program

AKA: DPAP
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.

COVID-19 UPDATE: No drop-in visits at this time. Call to book an appointment.

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 $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
Fees:
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
Language:
English
Coverage Area:
Prince Edward Island

Service Locations & Contact Info