Tribal Council in coordination with the Tribal Credit Department has announced the new Secured Home Loan Program.
Applications for the Secured Home Loan Program will be available from the Tribal Credit Department starting on Wednesday, Oct. 15.
Loans will be available for home loans on Tribal trust and Tribal fee land within the Reservation. Loans must be for the Tribal Member’s primary residence. Tribal member must have or be in the process of obtaining an assignment through the Department of Natural Resources- Lands Division
On Oct. 15 applications will only be available for:
• Refinancing existing real estate loans on Tribal assignments
• Purchasing a home on Tribal land
• Renovations which do not require inspections (flooring, windows, doors, cabinets, etc.)
Length of loan will be for 10 to 30 years depending on the purpose of the loan. Interest rates will be 3.75 percent. Two percent down payment or equity value of 2 percent in the property. Loan maximums will be determined on property value and affordability.
Insurance must be maintained on the house. Individuals with low credit scores will be required to obtain financial literacy counseling. Loan documents will include: Grant of Assignment or Lease, Security Agreement and Promissory Note.
Applications will be evaluated on approved policy and procedures and a debt-to-income ratio of 40 percent or less.
Secured Home Loans not available Oct. 15 include:
• Purchase and placement of mobile or modular homes
• New construction of homes or additions
• Remodels requiring inspections for building code compliance (structural, electrical, plumbing).
These will be available upon adoption of a building code, which is currently in development.
Secured Home Loans NOT available within the policy for the following:
• Loans for housing on allotments
• Loans for housing on fee land (non-tribal)
• Home Equity/cash out loans
This process will be coordinated among the Tribal Credit Department to provide financing, Department of Natural Resources Lands Division to verify home site assignment and or lease and assess the land for preparedness for development, Housing Department to provide construction oversight and assistance.
Tribal Council has approved these changes to better serve the Tribal Membership via the Tribal Credit Department. If you have specific questions, you may contact the Tribal Credit Office at 970-563-4744, Lands Division at 970-563-0126, Housing Department at 970-563-4710.