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VA Direct Home Loans for Native Americans
Living on Trust Lands
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VA direct home loans are available to eligible Native American veteran who which to purchase or construct a home on trust lands.
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What can the loan be used for? |
To purchase, construct or improve a
home on Native American Trust Land.
To simultaneously purchase and improve a home, or to refinance another VA direct loan made under this program in order to lower the interest rate.
VA
direct loans are generally limited to the cost of the home or an
established amount, whichever is less.
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5 Easy Steps to VA Home Loan |
1. Make sure that your tribal
organization or other appropriate Native American group is participating
in the VA direct loan program. The tribal organization must have a signed
a Memorandum of Understanding with the Secretary of Veterans Affairs which
includes the conditions governing its participation in the program
2. Apply for a
Certificate of Eligibility.
3. Decide on a home to buy and sign a purchase
agreement or a contract with the builder to build the home. Make sure to
include in the contract a provision which makes the contract void if you
are unable to obtain a VA direct loan.
4. Contact either your local housing authority or
the local VA office to apply for the loan. An appraisal of the property
will be ordered and you will be asked to provide information needed to
verify your income and credit history.
5. Close the loan and move into your new home.
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Requirements for Loan Approval. |
To obtain a VA direct loan, the law
requires that:
The applicant must be an eligible
Native American veteran who has available entitlement.
The tribal organization or other
appropriate Native American group must be participating in the VA direct
loan program. The tribal organization must have signed a Memorandum of
Understanding with the Secretary of Veterans Affairs which spells out the
conditions under which the program will operate on its trust lands.
The loan must be to purchase,
construct or improve a home on Native American trust land. Individually
allotted land is considered trust land for their purpose.
The veteran must occupy the property
as his or her home; a loan for rental or investment purposes is not
permitted.
The veteran must be a satisfactory
credit risk.
The income of the veteran and
spouse, if any, must be shown to be stable and sufficient to meet the
mortgage payments, cover the other costs of owning ah home, take care of
other obligations and expenses and have enough left over for family
support.
All prospective applicants are encouraged to first contact either their local housing authority or the nearest VA regional office to discuss their financial situation and obtain a general idea of whether or not they might qualify for a home loan.
If you are a Native American veteran interested in obtaining or improving a home or trust land, or know of someone who is, it makes sense to look into the VA direct loan program as a good way to finance a home purchase.
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496 Old Route 66,
St. Robert, MO 65584
info@citizens.biz
Toll Free: 800.440.2666
Ph: 573.336.2666
Fax:
573.336.2668 |
Relocating?
Being mobilized to
Fort Leonard Wood?
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Call Citizens Mortgage Company
for your home loan
needs at
573.336.2666
or
Toll Free 1.800.440.2666
Serving the Fort Leonard
Wood,
Waynesville and St. Robert Missouri
areas.
Conventional Loans - VA
Loans
Rural Development Loans
and
Re-financing
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