New homebuyers program available to tribal members
NEW TOWN The Three Affiliated Tribes have a new homebuyers program for its tribal members to buy homes on or off the Fort Berthold Reservation.
In December, the tribal business council budgeted $18 million in its 2013 budget for tribal members who wish to purchase a home but might not qualify under banking mortgage programs.
The property can be a new or existing home on fee land or trust land.
Fee land is land that is not held in trust by the federal government. Trust land is land held in trust by the federal government.
The property can be on or off the Fort Berthold Reservation.
A tribal member who qualifies for the program can select a home and request the Three Affiliated Tribes buy the home and resell it to them. The tribes then becomes the mortgage holder or lender and the tribal member/buyer enters into an agreement with the tribes.
Tribal members applying for the program must meet a number of criteria, including being at least 18 years or older, being in good standing with the Three Affiliated Tribes, having adequate income and a stable employment record and having received pre-qualifying budget counseling.
Each of the six segments of the reservation are being allotted $3 million for the program. The money can only be used for home purchases.
“We invested $18 million in a tribal mortgage company that works for all segments. This mortgage company will give our tribal members an opportunity to purchase a home for their families,” said Tex Hall, tribal chairman.
For more information contact Terri Logg at the tribal Small Loans Program at 627-8136 or email firstname.lastname@example.org.