Buy Your First Home with as Little as 2% Down

Thanks to a new Province of Nova Scotia pilot program, eligible first-time homebuyers can reduce their minimum down payment from 5% to just 2%+.

Talk to a Mortgage Specialist

Prefer to talk it through first? Book a virtual or in-branch appointment with one of our advisors.

Why This Matters for Local First-time Homebuyers

A provincially government-backed program that gives Coastal Financial CU members a more accessible and achievable way to buy their first home.

Get Into a Home Sooner
A 2% down payment helps first-time homebuyers stop waiting and start owning sooner.

Lower Upfront Costs
No traditional mortgage insurance premiums means less money needed at closing.

Designed for First-time Buyers
Created specifically to help Nova Scotians who have the income to buy but are finding it challenging to save 5%.

Exclusive Credit Union Advantage
Only credit unions can offer this provincially-backed program giving buyers a trusted, local path to homeownership.

How the 2% Down Program Works

The First-time Homebuyers Pilot Program was created to make homeownership more affordable and help Nova Scotians enter the market sooner.

The program reduces the traditional 5% minimum down payment to 2% for eligible first-time buyers purchasing a home in Nova Scotia.

With this option, eligible buyers can:

  • Buy with as little as 2% down
  • Enter the market sooner instead of waiting years to save
  • Access honest, local advice from Coastal Financial CU
  • Begin building equity earlier in life

The Provincial 2% Down Program in the News

The Government of Nova Scotia's First-time Homebuyers Program (Pilot) has been featured across major news outlets in the province. 

Coastal Financial Credit Union helps eligible members take advantage of this new path to homeownership.

Is This Program Right for You?

You may be a good fit if you:

  • Are a first-time homebuyer in Nova Scotia
  • Have stable income to support a mortgage payment
  • Have some savings but not enough for the traditional 5% down
  • Are currently renting or living with family
  • Want local guidance from Coastal Financial CU

This may not be a fit if:

  • Your income is irregular
  • You're carrying high-interest or heavy unsecured debt
  • You're not ready for the costs of owning a home (repairs, utilities, insurance, etc.)

What Happens When You Click "See If I Qualify"?

We keep this simple, clear, and helpful. Here's what we'll walk through together:

  • Your goals - what kind of home you're hoping to buy
  • Your numbers - income, debt, savings
  • Program fit - whether the provincial 2% down payment program is right for you
  • Your options - including alternatives if this program isn't the right fit for your finances
  • Next steps - whether you're ready now or preparing for later
Start my 2% Down Conversation

Frequently Asked Questions

Is the 2% down program offered by Coastal Financial?

It's a Government of Nova Scotia pilot program, and we help eligible members access it. 

Does everyone qualify for 2% down?

No. Eligibility depends of program rules, your income, credit, and the home you want to buy.

Why is the down payment lower?

The province launched the program to make first-time homeownership more affordable and help people buy sooner.

Will my monthly payment be higher with a smaller down payment?

It can be. A smaller down payment may mean a larger mortgage amount. We'll walk you through exact payment scenarios. 

Do I need to be a Coastal Financial member?

Yes. But joining is quick, and comes with many other benefits! 

Why is this only offered through credit unions?

In Canada, credit unions are typically regulated by provincial governments, which means each province has slightly different rules for credit unions vs. national banks. 

Start Your Application

Ready t take the next step? You can begin your mortgage application online in just a few minutes.

Your information is kept secure and confidential. Applying does not obligate you to proceed. If you'd prefer to apply in-person or by phone, book an appointment or give us a call.

We're More than a Bank

At Coastal Financial CU we believe in supporting you along all of life's precious moments on your path to better financial wellbeing. Join the other 7,000+ Southwest Nova Scotians and see what difference a credit union makes.

LEGAL DISCLAIMER

+ Subject to credit approval and eligibility under the Government of Nova Scotia's First-time Homebuyers Program. Rates are subject to change and are based on credit approval. Visit our rates page for more details. Terms and conditions apply. 

The First-Time Homebuyer Pilot Program is a unique mortgage product offered by Nova Scotia credit unions and backed by a deficiency guarantee (“guarantee”) from the Province of Nova Scotia. Those who qualify will only require a minimum of a two percent (2%) down payment. The pilot will offer a maximum of 650 guarantees. For full program details, visit the Government of Nova Scotia's website.

Coastal Financial Credit Union Limited is a provincially regulated credit union in Nova Scotia. Coastal Financial is a member of Nova Scotia Credit Union Deposit Insurance Corporation (CUDIC). Nova Scotia mortgage lender license #3000026 

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