This program is available in the following communities:
Coming up with cash is often the biggest barrier to families seeking to become home owners. THRHA has a limited amount of funding available for down payment assistance for Tribal families earning less than 80% of the median family income.
- Up to a $20,000 loan may be used for down payment and/or closing costs (excluding prepaid closing expenses).
- Assistance from THRHA becomes an interest bearing 2nd mortgage (Please note that Interest will accrue only after the fifth year and will apply to only the remaining loan balance).
- Interest rate = 5%
- 1.5% loan origination fee
- $50 processing fee due at time of application.
- 10-year term with no repayment for the first five years. 10% of the loan will be forgiven every year for the first five years, as long as the borrower owns and remains in the property. Any remaining balance will be amortized over the remaining term of the loan.
- Payoff is required if property is sold prior to maturity.
- Borrower’s total cash holding after closing may not exceed $3,000.
- Financing from a bank or mortgage lender is required.
- Purchase price may not exceed $300,000.
- Mobile Homes are not eligible.
- Have an annual household income that is 80% or less of the median family income for the community of residence.
- Borrower must show need (qualification for a bank loan is contingent on THRHA’s assistance).
- Must be first-time homebuyer and the property must be owner occupied.
- Applicant is required to attend a certified first-time homebuyer class.
- One member of the family must be and enrolled tribal citizen.