Métis First-Time Homebuyers Program
Applications are currently closed for the 2024/2025 year.
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.
Discover How Our Program Can Help You Today!
Looking to take the first step toward homeownership? Connect with us to learn more about eligibility, funding options, and how we can help make your dream of owning a home a reality.
Our Program
About The Program
& Our Key Objectives.
& Our 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 in the form of a forgivable loan for 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.
THE MÉTIS FINANCIAL CORPORATION
Empowering Métis Entrepreneurs.
The Métis Financial Corporation (“MFC”) is a British Columbia Métis owned lending institution created to finance the start-up, acquisition and/or expansion of viable Métis owned and operated small businesses based in British Columbia.
Apply Today and Get Your First Home!
What We Ask For
Eligibility Criteria
- 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 for and obtain a conventional mortgage from a mainstream or reputable financial institution. MFC 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.
More than 100+
Applicants we've worked with
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 at least 50% MNBC citizen owned
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.
Our Happy Homeowners
Helping Métis Families Turn Houses into Homes
Since the program’s launch in 2023, we are proud to have provided over 90 families with the First Time Home Buyer’s grant.
Apply & Buy Your First Home Today!
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.
Our Process
Evaluation And Approval
01
Step 01
The review and approval process begins once MFC 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.
02
Step 02
The application will be reviewed for completeness and compliance by MFC’s team. 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 MFC. Successful applicants will receive a pre-approval letter from MFC. Pre-approval does not guarantee funding, and further action is required.
03
Step 03
Upon pre-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. The applicant will also be required to provide proof of an accepted offer to purchase a home that meets program requirements. Program pre-approval is guaranteed for sixty (60) days from the date of the letter and may be extended at MFC’s discretion, provided funding is still available.
04
Step 04
Once the required documentation is provided and reviewed for eligibility, the MFC will provide the approved applicant with a letter confirming the contribution of up to $20,000 towards the down payment and up to $3,000 towards the closing costs
05
Step 05
Once final approval is granted, MFC will require the following: an independent appraisal acceptable to CMHC and/or the mortgage-providing financial institution, proof of the mortgage agreement, the signed sales agreement, proof of home insurance, and contact information for the lawyer or notary handling the purchase. Approval of the contribution is guaranteed for one hundred and eighty (180) days from the date of the letter and may be extended at MFC’s discretion, provided funding is still available.
06
Step 06
Once all required documents have been received, MFC will contact the lawyer or notary facilitating the purchase to send the promissory note for notarized signature and obtain the bank information to disburse funds. Funds will be disbursed directly to the lawyer or notary on the closing date.
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+. MFC reserves the right to discretion when reviewing and approving all applications.
Terms And Conditions
01
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, and the home has remained as your permanent residence.
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.
MFC 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
MFC 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.
02
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 will be recorded at the close of escrow. The Promissory Note will not bear interest or require a regular payment and will include language indicating its automatic extinguishment five (5) years from the Recording Date.
Apply Today and Get Your First Home!
Frequently Asked Questions
Everything You Need to Know About Métis Financial Corporation of BC's First Time Home Buyer's Program
Yes, the Applicant must be a Citizen of the Métis Nation of British Columbia.
With MFC’s approval, you may be 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.
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 MFC.
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.
Email & Phone – 2 business days (8:30-4:30 PST)
This program is not offered year-round. Once all the funding is allocated, applications will be closed until next year
No, this contribution cannot be applied to homes that have been purchased prior to the application.
Follow us on social media and check our website periodically for the most up to date news on the program. You can also contact us by phone or email
It will depend on the home price. You must be able to satisfy the minimum down payment requirement established by the mortgage lender. The FTHBP provides a maximum of $20,000 towards the down payment and any additional down payment owing will be the responsibility of the applicant.
Your approval will be in effect for 180 days. MFC will work with applicants and process reasonable extensions provided the applicant is still interested in purchasing a home.
Please note: the program pre-approval is separate from the final approval, and will be valid for 60 days
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.
Funding cannot be disbursed early for costs incurred prior to the closing of the home
Yes, MFC 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.
Applications do not carry over from the previous year. Applicants that did not receive funding are encouraged to reapply for the next round of funding
This program is one grant per household and cannot be combined.
The Métis Financial Corporation (“MFC”) works to finance the start-up, acquisition and/or expansion of viable Métis owned and operated small businesses based in British Columbia.
1.888.902.1636
firsthome@mfcbc.ca
MFC is proud to deliver the First Time Home Buyers program on behalf of the Métis Nation British Columbia.
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