HUD provides Native American’s with recourse to mortgages through the
establishment of its Office of Native American Programs, or ONAP. ONAP offers
American Indians several options in mortgage types, loan duration, interest
rates and amount of down payment. HUD’s ONAP can be accessed through mail, in
person or through Web access; in addition, many websites offer a rundown of the
benefits of ONAP’s loans providing valuable information to American Indians
interested in HUD’s mortgage loans. Some of the benefits from using HUD’s One Stop
Mortgage Center
are zero down payment, potential refinancing, mobile home financing and
veterans programs.
A partnership between the Native American Bank, LenderLive and Greenpoint
Mortgage has resulted in turnkey home mortgages for American Indians for a number
of purposes like rehabilitation, refinancing and home buying. This partnership
provides American Indians with great resources to help in getting a home loan.
The Native American Bank is now in position to be the number one lender to
American Indians and to reap the rewards of serving this growing sector of the
industry.
The Fannie Mae Organization has also created mortgage programs for Native
Americans. These do not have as broad a spectrum as the HUD loans and some of
the terms may be somewhat less attractive but they are quality mortgage loans
offered at good rates. The Fannie Mae organization is a well respected entity
in the nation, providing loans and mortgage information to people nationwide.
Freddie Mac also has a specialty division to assist American Indians with
attaining a home mortgage.
They provide access to HUD loans and several other programs designed to help
Native Americans. This institution provides information to help Native
Americans understand the options available to them and the difference between
what once was and what the industry has become today.
Home loans to Native Americans consistently fall behind mortgages to whites and
several other minorities. The programs listed above were designed with this in
mind, to bolster the numbers of American Indian’s successful loan applications.
Traditionally, American Indians have been poorly received by many institutions
due to tribal autonomy, poor economy in tribal lands and other issues of
concern.
One of the factors behind Native Americans’ difficulty in obtaining mortgage
loans is the situation on tribal lands. Many times, the economy of these lands
is depressed, leading to low paying jobs and high unemployment rates. The
American Indians have begun a promising change, however. Jobless rates, though
still worse than national levels, are plunging. Social reforms, land
acquisition and internal tribal change are revitalizing tribal lands and thus
the economy and feasibility of acquiring home loans. Many groups are beginning
to recognize the potential of the Native American peoples and are actively
courting their interest.
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