Down Payment Assistance Program

AKA: DPAP

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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.

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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.
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
Program Email:	bjohnston@gov.pe.ca
Language:	English
Website:	https://www.princeedwardisland.ca/en/information/finance-pei/down-payment-assistance-program
Coverage Area:	Epekwitk / Prince Edward Island

Finance PEI

94 Euston Street, 2nd Floor, Charlottetown, PE C1A 1R7
Coverage Area: Epekwitk / Prince Edward Island
Accessibility: Wheelchair accessible
October to May: Mon-Fri 8:30am-5pm
June to September: Mon-Fri 8am-4pm
financepei@gov.pe.ca

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Down Payment Assistance Program

Service Description

Finance PEI

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