Apply Online for Down Payment Assistance – Modest Income Homeowner
Down payment assistance is available for modest-income homeowners who qualify for a default-insured mortgage to purchase their first home. Eligible applicants whose annual household income is $95,000 or less may apply to Finance PEI for a conditionally interest-free loan (maximum $17,500) for up to 5% of the purchase price of a program-eligible home. The loan is payable over ten years. Find detailed application and eligibility criteria at Down Payment Assistance Program.
Applications will be accepted until March 31, 2024 or until funds authorized for this program are depleted.
How do I apply for down payment assistance?
Complete the online application available below or download the application in PDF format. Down Payment Assistance Program Application.
Your spouse or common-law partner is expected to be a co-applicant on the loan, even if they are not being included as an applicant for the default insured mortgage at your financial institution.
What do I need to complete the online form?
You will be required to submit detailed applicant and co-applicant identification and financial information including:
- Full legal name- Note: You must enter your full middle name rather than only your middle initial into field #2 titled “Middle Initial” in the Identification section at the top of page one.
- Contact details
- Personal information (applicant and co-applicant) such as date of birth, Social Insurance Number (SIN), marital status
- Annual household income, projected for the current year
- Annual household income from previous year, as stated on line 15000 of the CRA Notice of Assessment
- Supporting documentation for both applicant and co-applicant (upload fields provided):
- Copy of each applicant’s birth certificate or passport;
- Copy of each applicant’s Notice of Assessment from the Canadian Revenue Agency (CRA), for the previous Taxation Year downloaded from your online "My Account" with CRA;
- Download, sign, and attach this Certification and Authorization form;
- A written verification of employment for each applicant confirming your date of hire, position, annual income for the current year, employment status (Full Time, Part Time, Casual, Seasonal, Term) and the probability for future or continued employment;
You will be required to submit the following documents as they become available:
- A copy of the Purchase and Sale Agreement for the program-eligible home being purchased.
- A copy of your final Approval for a default insured first mortgage loan from a recognized financial institution.
Why do you need personal information and how will it be used?
Information on this form is collected under section 32(1)(g) of the Freedom of Information and Protection of Privacy Act R.S.P.E.I. 1988, c. F-15-01, and will be used for assessing your application for credit under the Down Payment Assistance Program. If you have any questions about this collection of personal information, contact Finance PEI, 94 Euston Street, 2nd Floor, Charlottetown, PE C1A 7M8, (902) 368-6200, firstname.lastname@example.org.
How will I know if I am approved for down payment assistance?
If you are approved, you will be issued a Pre-approval letter enabling you to begin your search for an insured first mortgage from a recognized financial institution and a program eligible home to purchase.
How long will it take to process my application?
An applicant can expect to receive a decision within 5 business days of Finance PEI receiving a complete application.
To ensure your application submits successfully, you may need to reduce the size of a document before you upload it. Find helpful tips about how to do this at Resizing Photos for Online Forms.