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 $300,000; Up to 100% financing

Option 2:

Loan amount $300,001 to $400,000; Up to 98% financing (2% down required)

  • Program details

    Available for 1 – 2 unit primary owner occupied residences, including condos and townhouses. Escrow 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.

Homebuyer Dream Program

First time homebuyers* can qualify for a grant up to $20,000 toward down payment and closing cost assistance.

  • Program details

    Loan amount up to $400,000.

    Household must meet income guidelines for the county where they are purchasing property.

    Homeownership counseling program required.

    Available for 1 – 2 unit primary owner occupied residences, including condos and townhouses.

    Escrow is required for taxes and homeowners insurance

    Up to 3% seller paid contributions and gifts acceptable

    No Private Mortgage Insurance

    Property must be free of safety, soundness or habitability issues

    Must own and occupy the home for 5 years.

    *First time homebuyer defined as no ownership in a principal residence during the last three 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.

Centennial ARM Program

Our adjustable rate mortgage program that offers you a one time, no cost modification to a fixed rate, on your 1st National residential mortgage.

  • Program details
    • One time modification to a fixed rate 1st National Bank of Scotia mortgage product
    • Requests accepted in writing, anytime during the term of the loan
    • Offer specific to fixed rate change only
    • Current account must be in good standing*

    *Borrower must meet 1st National Bank of Scotia underwriting standards at the time of the modification request. Offer available to all new adjustable rate mortgage applicants as of 6/12/2023.