Cherokee Nation Mortgage Loans: A Path to Affordable Housing

The Cherokee Nation Mortgage Loans program offers a range of benefits to eligible borrowers. These benefits include lower interest rates and lower monthly payments, making it easier to afford a home.

The program is designed to help tribal members and their families achieve affordable housing, which is essential for building strong communities. The Cherokee Nation has a long history of supporting its members, and this program is just one example of that commitment.

Eligible borrowers can qualify for a mortgage loan with a lower down payment requirement, making it more accessible to those who may not have a lot of savings. This can be a game-changer for many people who may have been hesitant to apply for a mortgage in the past.

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The Cherokee Nation Mortgage Assistance Program is a game-changer for many Cherokees. It increases down payments from $15,000 to $25,000, making it easier for citizens to buy a home. Over 1,700 Cherokee families have become new homeowners through this program since 2005.

Individuals receive $20,000 at closing, and $5,000 is set aside in a matched savings account. This account can be accessed after the family saves $1,000 of their own money. The funds are designated for any major home repairs or equipment replacements needed within the first five years of living in the home.

The program is funded with Native American Housing Assistance and Self Determination Act grant money, which requires applicants to meet income guidelines and be a first-time home buyer. This means that applicants who don't qualify for the non-predatory mortgage loan will be placed in the self-sufficiency program.

The Cherokee Nation Commerce Department offers a self-sufficiency program that includes budget counseling, credit repair, and debt reduction classes. This program can lead to qualifying for the Mortgage Assistance Program.

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The Cherokee Nation Mortgage Assistance Program offers a significant increase in down payments, from $15,000 to $25,000, making it easier for Cherokees to buy a home.

This increase is expected to result in more closings, with estimates suggesting nearly 230 homes per year will be purchased through the program.

One of the key benefits of the program is that it provides individuals with $20,000 at closing, and an additional $5,000 is set aside in a matched savings account.

This matched savings account can be accessed after the family saves $1,000 of their own money, providing a safety net for major home repairs or equipment replacements.

The funds can be used for any major home repairs or equipment replacements needed within the first five years of living in the home.

If after five years the family has not used the $5,000, the Cherokee Nation will use the money to make a principal payment against the mortgage of the home.

This means that families can have peace of mind knowing they have a financial safety net to rely on.

The program is funded with Native American Housing Assistance and Self Determination Act grant money, which requires applicants to meet income guidelines and be a first-time home buyer.

This ensures that the program is reaching those who need it most, and helping to create safe and permanent homes for Cherokee families.

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