Skwah First Nation has entered into partnerships with two separate entities to help facilitate members getting mortgages and/or renovation loans.
Both the First Nations Market Housing Fund and the RBC First Nations On-Reserve Loan Program allow Skwah First Nation members to apply for mortgages and/or housing loans without having to apply for a Ministerial Guarantee from the government.
With both programs the application protocol is the same:
- Apply with the participating bank
- The bank reviews all information and makes a recommendation to the band
- The band decides to approve or deny the application
- Should Skwah First Nation approve the application and co-sign the mortgage or loan, the member must then provide collateral.
- Collateral Required:
- At least one acre of CP land that the house is or will be built on
- The house itself (Note: For exact details, please review the Housing Policy Handbook)
- This collateral will be signed over to Skwah First Nation and held until the mortgage or loan is paid off
- Once the mortgage/loan is paid in full, the land and house will be signed back to the borrower
- Should the borrower default on their loan or mortgage, the property legally becomes the Band’s
If you would like more information on these programs, please drop by or call the Housing Department. Lory would be more than happy to answer any questions you may have.