HOME 5 Your Path to Homeownership

Your Path to Homeownership

The Fund supports some pathways to homeownership for First Nations people, but it is not the only way to get the support you need. The path to homeownership will take some time and can seem complicated. Do not be discouraged – people like you have already taken these steps and are glad they followed this path.

Our job is to help and advise you along this path and to make the way smoother. We are actively looking for other ways to help provide more pathways to homeownership. ​​If you need help at any point, we are here to provide that.

The First Step to Homeownership

As the first step, we encourage you to connect with your Band, as the First Nation needs to sign up with the Fund first. If your First Nation is not currently working with the Fund and wishes to do so, they can get started by contacting us.

Provided your First Nation is signed up and working with the Fund, you may be eligible for financial counselling support to help you access a loan to build, purchase, renovate or refinance a home in your First Nation using an approved bank or credit union. You may also be eligible for homeownership-related workshops that we offer.

To get started, inquire with your First Nation housing department about its homeownership programs, including programs offered through the Fund. You can also send us your inquiry by email at info@fnmhf.ca or by phone at 866.582.2808. Click here to see if your First Nation is currently signed up with the Fund.

To Get a Fund-backed Loan

  • Reach out to your First Nation Housing Department.
  • Your First Nation must get approval from the Fund for Credit Enhancement;
  • A lender provides financing for the loan to the First Nation citizen;
  • The First Nation then provides the Band Guarantee to the lender for the amount of the loan;
  • The Fund partially backstops the loan to provide more security to the lender.

To Access Lender Programs On Reserve

  • Some lenders have set up special programs for people living on reserve to get loans for building, buying, or renovating a home.
  • Contact your First Nation Housing Department to see if they are collaborating with a lender for these programs.

For a Revolving Loan Fund

  • Reach out to your First Nation Housing Department.
  • Some First Nations have a revolving loan fund.
  • The lender provides the loan to the First Nation.
  • The First Nation then provides the loan to the First Nations citizens to build, buy, or renovate a home.

For a Ministerial Loan Guarantee

  • Contact your First Nation Housing Department.
  • These are loans to build, purchase or renovate on-reserve housing.
  • The loan is made by a lender and backed by Indigenous Services Canada (ISC) and the Canada Mortgage and Housing Corporation (CMHC).
  • You can find more information on this pathway here.

Want an idea of how much mortgage you can afford or review different scenarios? Try this mortgage calculator.

FINANCE 101

For aspiring homeowners, valuable resources are available that cater specifically to your unique circumstances and needs. These resources encompass a range of topics, including:

  • financial literacy,
  • budgeting,
  • credit management, and
  • mortgage education.

Financial education programs, workshops, and online materials are designed to empower individuals with the knowledge and skills required to navigate the complexities of personal finance and homeownership. Additionally, specialized financial counselling services may offer personalized guidance.

Government agencies, allied organizations, and non-profit entities often collaborate to provide access to grants, subsidies, and low-interest loans tailored to First Nations members’ journey toward homeownership. By tapping into these resources, individuals can build a solid financial foundation and make informed decisions on their path to owning a home.

Discover these resources here.