CalHFA's new home loan program applies statewide
Native Americans will be helped to buy homes in California thanks to a new program from CalHFA’s Single Family Lening Division.
Members of any federally recognized tribe can access the financing through the Department of Housing and Urban Development’s Section 184 Indian Home Loan Guarantee Program.
The financing can be used anywhere in California and provides competitive interest and mortgage insurance rates. The loans are offered through a list of lenders approved by the HUD and CalHFA.
The program can be paired with CalHFA’s MyHome or School Teacher and Employee down payment programs, along with others such as the Federal Home Loan Bank’s WISH program, or tribal assistance funds.
Read more: See if an interest-only mortgage is right for you
“We are pleased to be able to offer this opportunity to Native American homebuyers,” said CalHFA Executive Director Tia Boatman Patterson. “Homeownership is a proven way to transfer wealth between generations, and Native Americans—whether on tribal lands or in California as a whole—are underrepresented as homeowners.”
Education class
As with all CalHFA programs, potential homeowners must undergo an education class and homebuyer counseling before the loan is approved.
“We’re thrilled that CalHFA is now able to extend mortgage loans to the Native American community,” said Rob Wiener, Executive Director of the California Coalition for Rural Housing. “California’s housing programs have long neglected our Native American community. Making it easier for tribal members to buy decent and affordable homes is a concrete way to improve the quality of life and outcomes for Native families.”
CalHFA has also announced a new USDA-guaranteed home loan program.
