Native American Downpayment & Home Ownership Possibilities
Recently, I shared a program on my Facebook page about the Federal Home Loan Bank and $10,000 down payment assistance. The response was overwhelming. Unfortunately, I was unable to locate a local lender who had access to those funds. Since then I have had a conversation with Nate Schmidt with Tribal Lending. This company does approximately 50% of the HUD 184 loans in the country. The HUD 184 is a FHA loan for Native American’s who are enrolled in a federally recognized tribe. In addition to being a enrolled member of a recognized tribe, you must also have an acceptable debt to income ratio. One of the significant advantages to the HUD 184 is your credit score needs to be good. When purchasing a home with a straight FHA loan, a credit score of 620 is necessary. Additionally, the down payment required is only 2% and FHA requires 3.5% down. The program’s mortgage insurance premium is only .15% and FHA has higher depending on credit score and down payment. These loans are available throughout Yellowstone county as well as Indian Country.
The Billings Partners for American Indian Home Ownership formed in 2004 to bring attention to Native American and low home ownership percentages.
Contact our office for additional information on how you can qualify and purchase your first home. #nativeAmerican #IndianCountry #homeownership #realestate #Montana #downpayment #HUD184 #BillingsMT #myfirsthome
