The program expands homeownership opportunities for tribal members in rural areas
Freddie Mac has announced the launch of a new mortgage product that aims to provide affordable financing options for Native American communities.
The new product, called HeritageOne, will provide affordable loan options for single-family properties on tribal lands in rural areas. Freddie Mac has collaborated with Lakota Funds, the first-ever Native community development financial institution on tribal lands, to promote the new offering.
“With HeritageOne, we are again breaking new ground in our efforts to safely and responsibly expand opportunities in traditionally underserved communities,” said Sonu Mittal, senior vice president of acquisitions at Freddie Mac Single-Family. “Our commitment to making home possible for Native American families not only requires long-term planning and prudent execution but strong partnerships with industry members and tribal leaders. Through this collaboration, we can help create more affordable mortgage options in tribal lands and rural areas.”
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“The limited access to affordable mortgage financing options has affected our communities for far too long, and it has impacted the ability of our members to build generational wealth through homeownership,” Lakota Funds executive director Tawney Brunsch said. “HeritageOne can help break down these walls, providing greater access to responsible homeownership and broader economic opportunities through financial counseling for our historically underserved communities. We look forward to making HeritageOne widespread in tribal lands.”
HeritageOne also offers financial counseling and other resources to tribal members in rural tracts within Indian Country, especially first-time homebuyers. According to Freddie’s release, at least one borrower in the household must be an enrolled member of a federally recognized Native American tribe who will occupy the property as a primary residence to qualify for the mortgage.
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