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Home » Finance » Mortgage » Details about the Native American Mortgage

Today lending c
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Details about the Native American Mortgage

Submitted by Today lending c
Thu, 14 Feb 2013

Two federal home programs are readily available to assist the Native Americans namely the Indian Home Loan Guarantee Program and Indian Home Loan Guarantee Program (Section 184). Both these loan programs offer completely different opportunities. Out of these the Indian Home loan guarantee program managed by local, authorized Public Housing agency is very popular and offer real estate opportunities to low income families. On the other hand Section 184 addresses the home ownership opportunities for Tribes, Native Americans, TDHEs and Indian Housing Authorities on Indian lands. These serve as one of the finest Native American Mortgage opportunities.

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 depend 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.

In case you are looking for Native American Mortgage you can receive free consultation from various agencies working in the domain. As a borrower, you have the option to procure 2/1 buy down mortgage. This kind of mortgage allows the borrowers to qualify below market rates. In this the initial interest rate increases by 1% at the end of 1st year and adjusts again by adding 1% at the end of second year. This acts as the fixed interest rate for the remaining loan term. So, in case you are interested, get further information about these loans and purchase your dream home without any delay.

 

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


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