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VA Loans for Native Americans
WHO IS ELIGIBLE?
VA direct home loans are available to eligible Native American veterans who wish to purchase
or construct a home on trust lands. Details on the military service requirements are spelled
out below.
WHAT CAN THE LOAN BE USED FOR?
A VA direct loan can be used to purchase, construct, or improve a home on Native American
trust land. These loans may also be used to simultaneously purchase and improve a home or
to refinance another VA direct loan made under this program in order to lower the interest
rate. VA direct loans are generally limited to the cost of the home or $80,000, whichever
is less.
FIVE EASY STEPS TO A VA LOAN
- Make sure that your tribal organization or other appropriate Native American group is participating in the VA direct loan program. The tribal organization must have signed a Memorandum of Understanding with the Secretary of Veterans Affairs which includes the conditions governing its participation in the program.
- Apply for a Certificate of Eligibility. A veteran who doesn't have a certificate can easily obtain one by applying to your local VA office on VA Form 26-1880, Request for Determination of Eligibility and Available Loan Guaranty Entitlement.
- Decide on a home to buy and sign a purchase agreement or a contract with the builder to build the home. Make sure to include in the contract a provision which makes the contract void if you are unable to obtain a VA direct loan.
- Contact either your local housing authority or the local VA office to apply for the loan. An appraisal of the property will be ordered and you will be asked to provide information needed to verify your income and credit history.
- Close the loan and move into your new home.
FREQUENTLY ASKED QUESTION # 19 [ -more VA Loan questions- ]
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Q: Bankruptcy and VA Eligibility - What happens if I file bankruptcy and wish to buy another home at some point?
A: Veterans who file for bankruptcy are still allowed to use a VA home loan if they are eligible. Unfortunately the process does require a waiting period. You are allowed to purchase another home two years after the "discharge date" of your bankruptcy. Keep in mind that the filing date does not factor in-you must wait the two years after bankruptcy has been discharged. Once you are eligible to buy another home, the usual credit and income requirements apply.
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not a government agency.
Remember, the VA does not make home loans. They insure the loans that we can assist you in getting.
Let us help you get a VA insured mortgage loan at the lowest possible rates.
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