Bank of Montreal - On-Reserve Housing Loan Program
In February of 1998, the Mohawk Council of Akwesasne entered into an agreement with the Bank of Montreal to provide guarantees for Mortgages for New Construction, Major Renovations, and Home Purchases.
· Applicant completes Qualifying Criteria forms (i.e. plot plans, membership verification, land ownership.)
· Applicant makes application for loan at Bank of Montreal who will notify MCA Housing Department in writing of conditional loan approval.
· Funds borrowed through this program are to be used to construct, complete major renovations to (i.e. loan repayment exceeds 5 years) or purchase an owner-occupied, principal residence of the borrower.
· Applicant must obtain and submit for MCA Housing Department all estimates and or contract documents required which will show the minimum total cost to complete work to MCA Housing Department’s minimum mandatory. requirements. These estimates/quotes will determine the loan amount and the equity the borrower has to contribute.
· Applicant must submit proof of availability of personal funds which is the minimum 5% down payment or the difference required to complete.
· A Land Transfer must be signed to the Mohawk Council of Akwesasne as security for the term of the loan.
The maximum allowed to borrow under this program is