Some home loan programs are designed to assist Native American veterans and their families
The Veterans Affairs home loan programs are available to eligible veterans, spouses or children of veterans who were honorably discharged to help you buy, build, or improve a home or refinance your current home loan—including a VA direct loan and three VA-backed loans. You will first have to obtain Certificate of Eligibility for a loan that meets your needs.
How does a VA direct home loan work?
With a VA direct home loan, they serve as your mortgage lender. This means you will work directly with the VA to apply for and manage your loan. The Native American Direct Loan (NADL) program often has better terms than a home loan from a private lender (a private bank, mortgage company or credit union).
How does a VA-backed home loan work?
With a VA-backed home loan, they guarantee (or stand behind) a portion of the loan you get from a private lender. If your VA-backed home loan goes into foreclosure, the guarantee allows the lender to recover some or all their losses.
Since there is less risk for the lender, they are more likely to give you the loan under better terms. In fact, nearly 90% of all VA-backed home loans are made without a down payment.
Lenders follow VA standards when making VA-backed home loans. They may also require you to meet additional standards before giving you a loan. These standards may include having a high enough credit score or getting an updated home appraisal (an expert’s estimate of the value of your home).
Explore different loan types
1. Purchase loan
2. Native American Direct Loan (NADL) program: Are you a Native American veteran or a veteran married to a Native American? Find out if you are eligible for a NADL to buy, build or improve a home on federal trust land.
3. Interest Rate Reduction Refinance Loan (IRRRL): Have an existing VA-backed home loan? Find out if you’re eligible for a VA-backed IRRRL to help reduce your monthly payments or make them more stable.
4. Cash-out refinance loan: Want to take cash out of your home equity to pay off debt, pay for school, or take care of other needs? Find out if you are eligible for a VA-backed cash-out refinance loan.
From the desk of the Warm Springs Tribal Veterans Representative Frankie Williams.
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