METIS FIRST TIME BUYER'S PROGRAM

Key Objectives

• Provide increased opportunities for Métis citizens in Saskatchewan to become homeowners where they may not otherwise have this opportunity. The FTHB is designed to help Métis citizens overcome the challenge of saving sufficient funds that financial institutions require for a down payment to buy a home that will be their principal residence.
• Deliver a Métis-specific First Time Home Buyers’ Program that will provide a maximum of:
  $15,000 towards the cost of a down payment; and
  $2,500 towards home purchase closing costs.
• Assist Métis citizens by referring them to local professionals to help complete the home-buying process such as: realtor, banker, mortgage broker, lawyer etc.
• Ensure that the design, delivery, and administration of the FTHB is fully accountable, fair, open, and transparent.
• Allow for flexibility and future adjustments to the Program Guidelines according to social and economic needs.
• Promote and educate about the FTHB to all Métis citizens throughout Saskatchewan.

Program Information

FTHB Contribution amounts are:

• $15,000 towards the down payment
• Up to $2,500 towards all Eligible Closing Cost Expenses as set out in these Guidelines;

•The FTHB contribution is in the form of a Forgivable Loan Agreement (FLA). The contribution is interest-free and will not have to be repaid provided the recipient adheres to the terms of the Agreement and retains the home as their primary residence for a minimum of five (5) years;
• The FTHB can only be applied to home mortgages and not any other type of loan;
• All recipients of the FTHB will not be eligible for the MN—S Emergency Repairs Program for a period of five (5) years;
• Applicant must be willing to sign a Statutory Declaration and Promissory Note per the Terms of Forgiveness as set out in these Guidelines;
• By applying for the FTHB program, the Applicant must provide personal information to MN—S. By doing so, the Applicant agrees and consents to the release and sharing of that information both internally with MN—S and with other financial institutions as required; and
• As part of conditional approval, MN—S may request that the Applicant attends an educational workshop on basic home maintenance and financial budgeting

Program Parameters and Mandatory Criteria

• Applicants must be over the age of 18;
• Applicant must provide proof of identity;
• Primary Applicant must be a member of Métis Nation–Saskatchewan and provide proof by: Copy of MN—S Registered Métis Citizenship Card or Confirmation from MN—S Registry that their application for Métis citizenship has been approved;
• Applicant can only participate in the FTHB once in a lifetime; this includes the FTHB previously administered by Saskatchewan Métis Economic Development Corporation (SMEDCO);
• Applicant must be able to qualify for a mortgage through a reputable financial institution;
• Applicant must not have owned a home within the last four (4) years. This includes:
  Primary Applicant and all title holders who will be residing in the home;
  Does not include co-signers who are not residing in the home;
• Applicant must not have income tax arrears with Canada Revenue Agency;
• The home must be considered an Eligible Home as set out in these Guidelines;
• The home must be the Applicant’s primary residence for a minimum of five (5) years;
• Applicant must have a Gross Annual Household Income of $150,000 or less

Eligible Homes

• Newly constructed homes with new home warranty;
• Resale market homes: single family, side-by-side, townhouse, condominium, multi-unit;
• Ready-to-move homes (RTM) on a permanent foundation;
• Mobile homes on owned land and approved for a mortgage by a reputable financial institution;
• Homes on titled land;
• Property must be free of any liens, caveats, or other interests; and
• Property must be insurable.

Ineligible Homes

• Homes located on leased land;
• Homes located on rented or reserve land;
• New construction mortgages;
• Mobile homes in trailer parks;
• Homes on property registered with a lien, caveat, judgment, or other interest against it;
• Commercial or industrial properties;
• Homes that have already been purchased prior to approval of the FTHB;
• Homes that are not the primary residence of the Applicant;
• Homes that are not deemed suitable for mortgage approval by a reputable financial institution;
• Homes that are not insurable; and
• Homes outside the province of Saskatchewan.

Eligible Closing Cost Expenses

• Legal costs (including fees and disbursements);
• Land transfer costs;
• Property tax adjustments;
• Home inspection;
• Costs associated with testing of water and septic system;
• Home appraisal fee; and
• Title insurance.

PLEASE NOTE: Should the Applicant’s closing costs be more than $2,500, the excess amount will be the responsibility of the Applicant. Should the Applicant’s closing costs be less than $2,500, the remaining contribution amount shall be provided to the Applicant towards their Homeowner Maintenance Plan.

Please follow the link below for a useful Home Buying and Maintenance Checklist:
https://metisnationsk.com/wp-content/uploads/2021/07/MN-S-FTHB-Program-Checklist_July-13.pdf

Evaluation and Approval Process

• The review and approval process begins once MN—S receives a fully completed FTHB Application Form and all required supplementary documentation.
• The application will be reviewed for completeness and eligibility by the MN—S FTHB 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 MN—S.
• Recipients of the FTHB will not be eligible to participate in the MN—S Emergency Repairs Program (ERP) for a period of five (5) years from the date of the Forgivable Loan Agreement.

Additionally, approval to the FTHB does not guarantee approval to the ERP or any other program.

PLEASE NOTE: Priority may be given to individuals or families who are currently residing in social housing, escaping situations of abuse or violence, or who may be facing other health and safety risks. MN—S reserves the right to discretion when reviewing and approving all applications.

Transfer of Funds

• MN—S will provide the Applicant with a Forgivable Loan Agreement (FLA) for signing. Once signed, the Applicant may begin to search for their home. An accepted offer must occur within 120 days upon MN—S issuing the FLA.
• Once an offer on a home has been accepted, the Applicant will be required to provide MN—S with contact information for the lawyer responsible for the home purchase transaction. MN—S will then contact the Applicant’s lawyer and forward the approved contribution amount to be held in trust along with conditional instructions.
• Prior to funds being released, MN—S will require the following:
-Signed copy of the Home Purchase Agreement satisfying all conditions including first mortgage financing;
-Signed Promissory Note;
-Signed Statutory Declaration;
-Confirmation of property insurance; and
-Copy of certificate of title.