Approved Lender Loan Program This loan program is set up to provide Band Members with the option of obtaining a Loan for an on reserve home, from a financial institution (bank). Two lenders, who have local branches in the community, the Royal Bank and the Bank of Montreal, deliver this loan program. If an applicant is eligible, Six Nations Council will provide a guarantee to the lender for repayment on behalf of the applicant. The construction process is monitored in a series of inspections, which are conducted prior to the release of funds. Funds are disbursed on the applicant's behalf, via. Six Nations Housing, only after approval for release is received from the Borrower and Housing Inspector. These funds are obtained from th< lender (applicant's bank). Funds will be released to Housing for disbursement on borrower's behalf, either in one lump sum or in 4 stages. If in stages, each release is based on the percentage of house completion. EXAMPLE: If the house is 10% complete, 40% of the loan funds will be released to Six Nations Housing for disbursement. Two Local Financial Institutions associated with the Approved Lender Loan Program IMPORTANT INFORMATION The maximum loan that will be guaranteed is $150,000.00. Loans are financed through the applicant's lender (bank). Therefore the loan amount is subject to the banks rate of interest and amortization period. Applicants must first qualify for loan amount from the lender, pending the Council guarantee. The approval must be obtained in writing. Loans are NOT provided to applicants who presently own a house and are seeking a loan pay down an existing loan/mortgage. Applicants cannot combine this program with Housing Loan in excess of $150,000.00. Eg. Housing Loan $105,000.00 Maximum loan allowed through the bank would be $45,000.00 Applicants are required to repay the loan directly to their lending institution (bank). Therefore they are subject to the lenders policy. Please contact Six Nations Housing for more information on the Approved Lender Loan Program. HOW DO I APPLY? There is no waiting list for this program, because, the applicant obtains their financing through their lender (bank). If an applicant is approved by the lender (pending the Council guarantee) they become eligible for this program. The applicant is required to own a minimum of one acre of land if the land is not a piped sewage line. Once the loan has been approved, the applicant is required to sign an Agreement and Transfer of Land title, to the Six Nations Band, to be held as security until the loan has been repaid. Applicants must make minimum cash down payment of 5% of the loan amount (2.5% as cash and 2.5% as sweat equity) or the difference required to complete the house. The house must be completed to Housings' definition of complete and meet code standards therefore the home owner is required to obtain contracts for all work required in the house construction. (including materials and labour) Go Back To Housing Department Housing Department - Location Housing Deparment Location: Chiefswood Rd. and Bicentennial Trail Physical Address: 67 Bicentennial Trail P.O. Box 62 Ohsweken ON N0A 1M0 Housing Department - Business Hours Housing Deparment Business Hours: 8:30 am to 4:30 pm Monday - Friday Housing Department - Contacts Housing Phone Number ............. 519-445-2235 Housing Fax Number ................. 519 445-2778

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