The Indian Housing Mortgage Insurance Program provides mortgage insurance for property on tribal lands where restrictions on ownership prevent lenders from holding a mortgage on the property. The program provides lender loan guarantees for up to 30 years, and enables Native Americans who are building or buying homes on tribal lands to qualify for mortgage loans.
Am I Eligible
You may be eligible if you:
- Appear on the current “Annual Census” of the Passamaquoddy Tribe or Penobscot Nation, and the property to be mortgaged is located on one of the following tribal reservations:
- Penobscot Tribal Reservation
- Indian Township Passamaquoddy Reservation
- Pleasant Point Passamaquoddy Reservation
- Are seeking financing to construct a new home, purchase an existing home, purchase and site a manufactured home, make improvements to an existing home, or refinance to a lower interest rate.
- Have a satisfactory ratio of debt to income, satisfactory credit, and funds to cover down payment and closing costs.
You can apply for the Indian Housing Mortgage Insurance Program through a participating lender. The lenders listed below serve the Native American reservation communities located in Aroostook, Washington, and Penobscot counties. You should notify your tribal housing authority of your application, and then your mortgage lender.
For more information see the related documents or contact:
|Consumer Education/Outreach Officer