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 put off – 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 at any point you need help, we are here to provide that help.

Fund-backed loan

The Fund is directly involved in this path to homeownership, though its Credit Enhancement Program. A lender (such as a bank or credit union) provides the financing for the loan to the First Nation citizen and 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 take this path, the First Nation must be approved by the Fund for Credit Enhancement.

Lender programs on reserve

Some lenders (such as banks and credit unions) have set up special programs for people living on reserve to get loans for building, buying, or renovating a home. The fund is open to working with any lenders who want to offer loans or mortgages to First Nations people on reserve.

Revolving Loan Fund

Some First Nations have a revolving loan fund. In this case, the lender provides the loan to the First Nation, to provide First Nations citizens to build, buy, or renovate a home.

Ministerial Loan Guarantee

These are loans to build, purchase or renovate on-reserve housing. The loan is made by a lender (such as a bank or credit union), but backed by Indigenous Services Canada and the Canada Mortgage and Housing Corporation. You can find more information on this pathway here.