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Home » Finance » Mortgage » Benefits of Opting For Native American Mortgage

Today lending c
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Benefits of Opting For Native American Mortgage

Submitted by Today lending c
Thu, 14 Feb 2013

American Indians still fall behind educationally and financially many other communities. To provide help to them the Federal Government has come up with various schemes to promote their growth. Native American Mortgage scheme is unique initiative by the Government to encourage American Indians for procuring their own homes. The economic depression in tribal lands and unfair lending practices has till date made it difficult for the American Indians to have their own houses. Nowadays, multiple mortgage options are available to Native Americans and they have the option to choose on the basis of loan duration, interest rate, and down payment amount and mortgage type.

There are a few agencies that specialize in rendering the best Native American Mortgage tools to their clients. With their help, online shopping for the best loan programs is a cakewalk as an experienced loan officer assists the clients in choosing and purchasing the exact loan that meets your specific needs. The guaranteed Native American mortgage loan is made available through private lending institutions. The options offered under this program are procuring of an existing home, new home construction, rehab and more. To be eligible for this program, you must meet specific requirements. The first and foremost requirement is that you must be American Indian/First nations/Alaska Native. The home loan application must be sent for primary residence only. Likewise, the borrowers must be enrolled in a federally recognised Alaskan native Village or American Indian tribe. A fixed amount of down payment namely 1.25% and 2.25 % is applicable for specific loan amounts. 1% loan guarantee fee is levied once on the Native American Mortgages.

Some other specifications of the Native American Mortgage program includes a 30 year or less fixed rate loan paid on a monthly basis. The interest on loan will be dependent on the current market condition. The maximum amount of Native American Mortgage loans allowed is 150% of FHA loan limits applicable to the area. Repayment fees are not applicable in this condition. You can utilize the services of many firms that offer help to Native Americans for getting the loan. In case you are a borrower, you will simply have to provide the agency with social security number, contact and employment information as well as the best estimates of income, assets and liabilities. Once you have provided them with documents, the agency will contact you and guide you through the loan process. Their services will prove to be extremely helpful for selecting the best programs as well as the interest rate.

The Native American Mortgage has contributed significantly in improving the state of Native Americans. Additionally, the social reforms, land acquisitions and internal tribal change vary revitalizing the tribal lands and thus benefitting their economy. In case you are a Native American looking for loan, you can receive guidance about choosing the best loan online. It is essential to get information about adjustable rate mortgage (ARM), adjustment date, adjusted basis, adjustment period, affordability analysis and other factors beforehand so that you can choose the right mortgage for your specific requirements. Use online portals for receiving loans in an easy manner.

 

Chris Davenport is the author of this article on Native American Mortgage. Find more information, about native american mortgages here


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