Are you an Indigenous person with a low to modest income who needs financial help to buy or build your first home?
The Off-Reserve Aboriginal Home Ownership Program (ORAH) provides off-reserve Indigenous households with modest incomes financial assistance to buy or build their first home. Assistance is in the form of a 25-year loan with an affordable, low interest rate. The mortgage includes the purchase price, legal fees and home repairs, if needed.
The program covers both new constructions or buying an existing property. It includes manufactured homes and used mini-homes that are in very good condition and not more than ten years old. If you are buying a property, limited repair work may be included in the total cost. For new construction, the purchase of land is an eligible cost.
All homes must meet Social Development’s modest housing criteria and pass inspection. New construction homes may be self-built if you can provide sufficient proof that you can do the work to the Department’s technical standards.
The Department of Social Development offers this program through Skigin-Elnoog Housing Corporation. The program is funded by the Government of Canada and the Province of New Brunswick.
Note: A limited number of loans are available each year, so apply as soon as possible. The application becomes available in February, and the deadline to submit is in April.
The program is for families or individuals with a gross household income of $55,000 or less. You must also:
• Be a first-time homeowner or living in a unit that is beyond reasonable repair.
• Have a good credit rating (650 or above) and meet all Social Development lending requirements for obtaining a first mortgage.
• Have a shelter cost-to-income ratio of no more than 30%. This is the proportion of your household income spent on shelter costs, including mortgage payments, taxes and heat.
• Have a total debt service ratio of no more than 42%. This refers to the percentage of your gross annual income you need to cover all other debts and loans as well as shelter costs.
Call Skigin-Elnoog Housing Corporation at (506) 459-7161 or email sacha.boies@gnb.ca. Tell them you would like information on the Off-Reserve Aboriginal Home Ownership Program.
Please be ready to share basic information about yourself and your household income.