• May 24th, 2024
  • Friday, 10:59:24 PM

First Native Home Loan Program Announced

Photo: USDA USDA Rural Development Acting State Director Eric Vigil announced new program to help Native residents with home loans.

USDA Rural Development Acting State Director Eric Vigil announced last week, Native Community Finance (NCF) has been approved to become the agency’s newest “intermediary” or packager. This certification is crucial since it is the first one given to a Native entity in the nation. This means NCF will help Native residents living in New México apply for home loans utilizing USDA Rural Development’s Direct Home Loan Program on Tribal trust lands.

In making the announcement Vigil said, “The agency strongly believes by establishing a vast network of competent, experienced, and committed certified packagers such as NCF, we’ll be able to help low and very low-income Native residents become homeowners.” Vigil added, “By doing so we’ll ultimately help build a stronger, more prosperous economy on Native lands.”

Native Community Finance (NCF) is a 501(c)3 Native Certified Community Development Financial Institution (NCDFI) with experience in lending on Tribal trust lands in New México. Marvin Ginn, NCF’s Executive Director, has over 20 years’ experience lending in Indian Country and will lead the agency’s efforts to help Native Americans apply for a home loan using USDA RD’s Direct Home Loan Program.

NCF will provide guidance to those Native American residents seeking a home loan by determining if the USDA RD Direct Home Loan Program is the best loan product for them. Once it is determined the applicant can qualify for a loan, NCF will help the family complete a loan application for consideration by the local Rural Development office.
The Direct Home Loan Program assists low and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing a no money down home loan. To qualify for this home loan applicants must meet income eligibility limits and demonstrate a willingness and ability to repay debt.

For more information on the 502 Direct Home Loan Program offered by USDA Rural Development (whether you want to buy a home on Native or non-Native lands in rural New México) visit our website at: https://www.rd.usda.gov/nm or call 505-761-4950.