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Applications are currently closed for the 2024/2025 year.

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We would like to thank everyone who has shown interest in the First Time Home Buyers Program. Due to an overwhelming response and limited number of grants available, we have reached our maximum capacity for applications. We encourage you to stay connected with us for future updates and opportunities. If you have already applied, we have received your application and have it on file.

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Applications for 2024/2025 will reopen and be available online for October 1, 2024

The MFCBC First-Time Home Buyer Program (FTHBP) is for Métis Citizens in British Columbia who are purchasing their first home. It is a one-time grant to provide financial assistance with the down payment and closing costs associated with the purchase of their first home.
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DESCRIPTION OF THE PROGRAM & KEY OBJECTIVES

We believe there should be fewer barriers on the path to owning a home, which is why our first-time home buyer program was created. Now you can secure the funding you need with confidence, and begin the life of a homeowner.

Opening Doors

Increase opportunities of homeownership for MNBC Citizens who have the resources to qualify for and obtain a mortgage, but who are challenged in saving enough funds for the down payment and closing costs to purchase a home.

Funding Assistance

Provide financial assistance (Contribution) in the form of a forgivable loan (2nd mortgage) to a maximum of $20,000 towards the down payment or purchase price and $3,000 towards the closing costs.

Peace Of Mind

The Contribution is interest free and will not have to be repaid provided the terms and conditions of the program are respected for a period of five years from the date of the home purchase.

ELIGIBILITY CRITERIA

Applicants must:

  • Be a registered Métis Nation of British Columbian Citizen.
  • Be 19 years of age or older.
  • Have resided in British Columbia for at least one year.
  • Be a First-Time Home Buyer or not have owned a home within the last three (3) years (extenuating circumstances will be reviewed and considered at the discretion of MFCBC.)
  • Be able to qualify and obtain a conventional mortgage from a mainstream or reputable financial institution. MFCBC reserves the right to review the terms and conditions of any first-place mortgage financing.
  • Not be currently receiving funding through MNBC’s Ma Nîķi Home Renovation Program.
  • Secure a property within 180 days of receiving the letter qualifying for the program (may be extended at MFCBC’s discretion).
Note: Applicants currently receiving funding through MNBC’s Rent Supplement Program will be removed from the program effective on the Recording Date.
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ELIGIBLE & INELIGIBLE HOMES

Eligible homes:

  • Any home eligible for conventional mortgage financing. Examples include condos, townhouses, duplexes, detached houses, etc.
  • The home purchased must be the primary residence for the applicant.

Ineligible types of homes or circumstances:

  • Homes not eligible for conventional mortgage financing.
  • Homes already owned by the applicant. The FTHBP may not be applied to refinancing or to pay down an existing mortgage.
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EVALUATION AND APPROVAL PROCESS

1

The review and approval process begins once MFCBC receives a fully completed FTHBP Application Form and all required documentation. Applicants may, but are not required to, provide a mortgage pre-approval letter from a reputable mortgage lender at the time of application.

2

The application will be reviewed for completeness and compliance by MFCBC’s team.

3

MFCBC may refer applicants to MNBC’s STEPS Program or other entities for financial literacy training programs to enhance applicants’ success in obtaining a conventional mortgage and growing household wealth.

4

MFCBC may also refer applicants to home ownership/maintenance training programs to enhance applicants’ success in home ownership. MFCBC may require completion of such programs as a condition of approval. Funding for such programs may be available to MNBC citizens through MNBC’s STEPS program.

5

Upon approval of the FTHBP application, the applicant will apply for and provide evidence of a mortgage pre-approval from a known and reputable financial institution if such pre-approval was not provided with the application or has since expired.

6

MFCBC will then provide the approved applicant with a letter confirming the Contribution of up to $20,000 toward down payment and up to $3,000 toward closing costs.

7

Approval of the Contribution is guaranteed for one hundred and eighty (180) days from the date of the letter and may be extended at MFCBC’s discretion.

8

All eligible applications will be reviewed and approved on a first-come, first-serve basis based on the date that the application was deemed complete by MFCBC.

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PLEASE NOTE: Priority may be given to applicants currently residing in social housing, families or individuals escaping situations of abuse or violence, and applicants who identify as LGBTQIA2S+. MFCBC reserves the right to discretion when reviewing and approving all applications.

TERMS AND CONDITIONS

Terms and Conditions for Forgiveness

The Contribution will be forgiven five (5) years after the Recording Date providing that the applicant has maintained ownership throughout that period.

Should ownership of the home be transferred to someone other than the applicant within the five (5) year period, the Contribution will become due and payable upon such transfer.

MFCBC at their sole discretion may forgive Contributions in their entirety under the following circumstances:

  • Death of the homeowner
  • Sale of the home due to transition of homeowner or a member of the household to assisted living, long-term care, institutional care, or a similar living situation
  • Loss of income/inability to pay mortgage
MFCBC may agree to forgive the Contribution if the homeowner uses the funds for:
  • Acquisition of a different home as primary residence
  • Purchase of equity shares in a co-operative residential community
Adding the homeowner’s spouses, common-law partners, parents, or children (including legally adopted children of the homeowner) to title alongside the homeowner will not be considered a transfer of ownership.

Terms of Funding

Once MFCBC receives a copy of the applicant’s accepted offer to purchase (and proof of mortgage approval), a contribution agreement with terms and conditions of the FTHBP (“Contribution Agreement”) along with a promissory note (“Promissory Note”) will be sent to the applicant for notarized signature at close of escrow. MFCBC will provide to the applicant’s lawyer and financial institution confirmation of the Contribution and a cheque or electronic funds transfer payable to the law firm “in trust” for the approved Contribution.

The Promissory Note and/or 2nd Mortgage will be recorded at the close of escrow. The Promissory Note and/or 2nd Mortgage will not bear interest or require a regular payment and will include language indicating its automatic extinguishment five (5) years from the Recording Date.

Prior to funds being disbursed, MFCBC will require:

  • Evidence of an independent appraisal acceptable to CMHC and/or the financial institution providing the first mortgage, assuming one is available.
  • An authorized bank approval form or letter as evidence of first mortgage financing.
  • A copy of the fully-executed purchase and sale agreement and any waiver of subjects.

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FREQUENTLY ASKED QUESTIONS

Yes, the Applicant must be a Citizen of the Métis Nation of British Columbia.

With MFCBC’s approval, you are allowed to move to another home without a repayment if you transfer your mortgage to the new home.
No, there is no income threshold for the FTHBP.
No, it is not a requirement prior to applying for the program. We encourage applicants to seek mortgage pre-approval prior to being approved for the FTHBP to accelerate the process after the approval. If the applicant receives an FTHBP conditional offer, guidance will be provided to guide the applicant in the process of securing a mortgage.
Individuals who have not owned a home within the last three (3) years are considered First-Time Home Buyers under the FTHBP. Exceptions may be made in the case of divorce or separation. Extenuating circumstances will be reviewed and considered at the discretion of MFCBC.
Yes, some properties are not eligible. Properties that are not eligible for conventional mortgage financing are not eligible for the FTHBP, as well as properties already owned by the applicant.

It will depend on the purchased home price. You must be able to satisfy the minimum down payment requirement established by the mortgage lender.

In BC, the minimum down payment is 5% for the first $500k of the purchase price, 10% down payment is required on amounts over $500k, but under $1M, and the minimum down payment required on homes over $1M is 20% of the entire purchase price.

Your approval will be in effect for 180 days. MFCBC will work with applicants and process reasonable extensions provided the applicant is still interested in purchasing a home.
The approval process’s duration for FTHBP will be on a case-by-case basis, due to factors such as individual circumstances, specific requirements, and other relevant considerations that influence the duration.
Any additional funds exceeding our allocated amount of $20,000 for the down payment and $3,000 for closing costs will need to be provided by the client.
Yes, MFCBC requires proof of insurance for the program.
Refinancing is subject to the approval of MFCBC.
Clients may use the services of any accredited mortgage professional.
The disbursement of funds will be directed to the client’s lawyer and held in-trust.
Yes, it is possible to have a co-signer on your mortgage, such as a spouse or parent, if it’s acceptable to both the bank and MFCBC.
Clients will be required to share the accepted offer with their bank and MFCBC.
After owning your home for 5 years, the grant transitions into non-repayable status.

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In Proud Partnership With

MFCBC is proud to deliver the First Time Home Buyers program on behalf of the Métis Nation British Columbia.