Manitoba Métis Federation - First Time Home Purchase Plan - $20,500 Forgivable Grant - Mainstream Mortgage Team Serving Manitoba and Alberta

Manitoba Métis Federation – First Time Home Purchase Plan – $20,500 Forgivable Grant

Posted by: Peter Paley

Proof of Metis Citizenship
Be 18 years of age or older
Must meet and qualify for a mortgage using lender and default mortgage insurer lending guidelines
The purchased home must be the applicant’s primary residence.
Applicants must not have ownership in any real estate (including land) with a market value of more than $30,000.00
Family/Household taxable income as stated in the CRA notice of Assessments must be below $100,000.00
Applicants must have current combined liquid assets of less than $60,000.00
Maximum home purchase price of $600,000.00

Follow the link below to get the MMF Grant Application Today

All funds advanced will be sent to the lawyer in trust and will be applied towards the purchase of the home and related closing costs
a ten (10) year 2nd mortgage charge will be registered by LRCC – Louis Riel Capital Corporation against the property behind the principal mortgagee to ensure long-term residency.
The Metis applicants must remain in the home as their principal residence for 10 years after which time the FTHPP mortgage will be forgiven and discharged.
The applicant may put up to $60,000.00 of their own funds toward the purchase of the home.
The applicant may use the MMF-FTHPP in conjunction with the Government of Canada’s FTHBI – First Time Homebuyer Incentive
The applicant will need to have enough of their own funds to make a deposit on a home.
Co-signors are permitted if they will be living in the home and be co-applicants on the mortgage.
If you want to move to a new home within the 10-year period the mortgage may be transferred.
Exceptions for divorce or separation may be made to keep the grant in place.

Peter Paley, Diamond Award Winner