48 Down Payment Assistance Programs for Native American Home Buyers

Money

Jul 9

Written By Diana

Hello and welcome to Houston First Time Home Buyers Edition. Did you know there are 48 down payment programs in 13 states offering up to $90,000 in assistance designed to help Native Americans purchase a home?

These programs are specifically designed to help Native Americans with down payment and other costs, associated with buying a home. In addition, they may be eligible for all of the 2,400-plus U.S. homebuyer assistance programs currently available that include Section 184 Indian Home Loan Guarantee Program. Of the 2,400 programs, 48 were specifically developed to help Native Americans.

It is true that the federal government is responsible for providing funding for housing programs on tribal lands, however, this funding has been somewhat insufficient, especially in rural areas.

Here Is What You Need to Know:

According to the U.S. Census Bureau, there are more than 9 million Native Americans and Alaska Natives in the United States today.
Most programs are limited to members of federally recognized tribes for purchasing homes on reservations or within specified service areas, with financial assistance ranging from $2,125 to $90,000.
While some of the programs have no income requirements, some do have requirements that range from 80% to 120% of the Area Median Income.
Assistance programs are offered in 13 states including Texas.
Program types include 33 second mortgage programs, 9 grant programs, 4 matched savings programs, and 2 first mortgage programs. 26 programs are for first-time home buyers and 22 programs for repeat buyers.
Thirty-eight of the programs offer forgivable assistance, provided that all program conditions are met.
All available programs allow for purchase of single-family homes. Twenty-eight allow for the purchase of modular or manufactured homes.

As you can see, there is growing number of down payment assistance programs for Native American home buyers. If you are a Native American thinking of buying a home, please speak with your loan officer about one of the many specifically designed down payment assistance programs to help you with the purchase of your new home.

As always, thank you so much for stopping by. Remember, if you or someone you know is thinking of purchasing a first home, please give us a call or Email us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...

Source: National Indian Council

Down Payment Resource(DPR)