First-Time Home Buyer Incentives in Newfoundland 2025
Newfoundland First-Time Home Buyer Calculator
Newfoundland First-time Homebuyers Program (FHP)
Newfoundland's First-time Homebuyers Program (FHP) provides a loan of up to 5% of a home's purchase price and the program will cover 50% of legal closing costs. The down payment assistance loan is not interest-free.
How Much Can I Get?
Eligible applicants can receive a grant of 50% of legal closing costs, up to $1,500.
The down payment loan is for 5% of the home's purchase price, up to $17,500 in St. John's and Labrador, $15,000 in regional centres, and $12,500 in rural Newfoundland.
Maximum Newfoundland Down Payment Assistance Loan Amounts for 2024
| Total Household Income | St. John’s and Labrador | Regional Centres | Rural Newfoundland |
|---|---|---|---|
| $85,000 or less | $17,500 | $15,000 | $12,500 |
| $86,000 | $17,000 | $14,500 | $12,000 |
| $87,000 | $16,500 | $14,000 | $11,500 |
| $88,000 | $16,000 | $13,500 | $11,000 |
| $89,000 | $15,500 | $13,000 | $10,500 |
| $90,000 | $15,000 | $12,500 | $10,000 |
| $91,000 | $14,500 | $12,000 | $9,500 |
| $92,000 | $14,000 | $11,500 | $9,000 |
| $93,000 | $13,500 | $11,000 | $8,500 |
| $94,000 | $13,000 | $10,500 | $8,000 |
| $95,000 | $12,500 | $10,000 | $7,500 |
| Above $95,000 | $0 | $0 | $0 |
Am I Eligible for the Program?
To be eligible, your total household income must be less than $95,000. Households with an income of $85,000 or less will receive the maximum amount, while those up to $95,000 in household income will be eligible for a reduced partial amount.
The maximum home purchase price allowed is $350,000 in St. John's and Labrador, $300,000 in regional centres of Clarenville, Gander, Grand Falls-Windsor, Corner Brook and Stephenville and all communities within a 30 km radius, and $250,000 in the rest of the province.
What Is the Interest Rate on the Loan?
The interest rate on the down payment assistance loan will vary based on the applicant, but it is capped at a maximum of the current prime rate minus one percent.
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