1 / 18

Direct Home Loans

EQUAL HOUSING OPPORTUNITY. Direct Home Loans. Native American Veterans. Bill Haines & Lyndon Reimonenq. NADL Coordinators. Department of Veterans Affairs 155 Van Gordon Street Denver, Colorado 80225. 1-888-349-7541, Option 2. History.

rafi
Download Presentation

Direct Home Loans

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. EQUAL HOUSING OPPORTUNITY Direct Home Loans Native American Veterans

  2. Bill Haines & Lyndon Reimonenq NADL Coordinators Department of Veterans Affairs 155 Van Gordon Street Denver, Colorado 80225 1-888-349-7541, Option 2

  3. History • In the past, most mortgage lenders were reluctant to make loans on trust lands because of certain title restrictions • Program created by Congress in 1992 as a pilot program • The program was made permanent as part of the Veterans’ Housing Opportunity and Benefits Improvement Act of 2006

  4. Denver Regional Loan Center Alaska Washington 6 Seattle • Fargo Montana • Oregon St. Paul • Falls • Idaho 2 Wyoming Total Square Miles Des Moines Chicago • Reno • Pittsburgh • n 3 s d Utah • • Covered n Wichita St. • Colorado Louis e St. Louis RMC • l Los Angeles 1,244,725 e Muskogee Little Rock • Phoenix • Atlanta • • Montgomery Jackson Waco New Orleans Houston Alaska 570,833 Utah 82,076 Colorado 103,598 Montana 145,388 Washington 66,512 Idaho 82,413 Oregon 96,917 Wyoming 96,988

  5. Approved Tribes OREGON Confederated Tribes of the Umatilla Indian Reservation The Confederated Tribes of the Warm Springs WASHINGTON The Confederated Tribes of the Colville Reservation Lummi Nation Nooksack Indian Tribe Spokane Tribe of Indians Quinault Indian Nation Tulalip Tribes Yakama Nation Swinomish Tribe COLORADO Southern Ute Tribe Ute Mountain Ute Tribe IDAHO Nez Perce Tribe Shoshone-Bannock Tribe MONTANA Assiniboine-Sioux of the Fort Peck Reservation Blackfeet Nation Chippewa Cree Tribe of Rocky Boy Montana Crow Agency Fort Belknap Assiniboine & Gros Ventre Tribes

  6. Pending MOU’s MONTANA Northern Cheyenne Tribe UTAH Paiute Tribe WASHINGTON Lower Elwha Tribe Samish Tribe Suquamish Tribe

  7. Eligible Purposes • Purchase or construct a home on Native American trust land • Purchase a manufactured home that is/will be affixed to a permanent foundation on Native American trust land • Refinance an existing Native American Direct Loan to lower the interest rate

  8. Benefits • No down payment required • No private mortgage insurance • Minimal closing costs • No prepayment penalties

  9. What are the loan limits and interest rate? • Limit is $417,000 on Federal Trust land located in the 48 contiguous states • Limit is $625,000 for loan made on Federal Trust land in Alaska, Hawaii and the South Pacific • The current interest rate is 3.5 percent

  10. Program Requirements • Approved Memorandum of Understanding between the tribal organization and VA • Must be Federal Trust Land • Veteran must have an “ownership interest” in the property • A lease (either from the tribe or from a member of the tribe (for allotted land), or • An allotment from the Tribe or from BIA

  11. Program Requirements (Cont.) • You must have enough income to meet your monthly mortgage payments, maintain the home, take care of other debts and obligations, and still have enough money left over to cover day to day expenses (food, gas, etc…) • You must also have a good credit history • The loan must be for the home you will live in

  12. Memorandum of Understanding

  13. Who may qualify • Veterans (including Reserve and National Guard members who were called to active duty) • Active duty service members • Current Reserve and Guard members (usually after 6 years of reserve service) • Commissioned Officers of the Public Health Service and National Oceanic and Atmospheric Administration

  14. Typical Loan Closing Fees • Appraisal and any Inspection Fees • Title/Escrow Fees • Hazard Insurance Premiums • Pre-paid Interest • VA Funding Fee (1.25 – 2 percent of the loan amount (May be included in the loan amount.

  15. FIVE EASY STEPS TO A VA LOAN • Make sure that your tribal organization participating in the VA direct loan program • Apply for a Certificate of Eligibility • Decide on a home to buy and sign a purchase agreement or a contract with the builder to build the home • Contact the local VA office to apply for the loan. • An appraisal will be ordered • Verify your income and credit history • Close the loan and move into your new home

  16. Questions?

  17. THANK YOU!

More Related