A Wells Fargo home mortgage consultant and a Guarantee Real Estate agent are working together to help more Native Americans buy a home.
A little known Native American Home Loan Program, allows eligible borrowers to buy, refinance, rehabilitate or build a home, said Cameron Hubbard, a mortgage consultant at Wells Fargo.
The loan is guaranteed by the U.S. Department of Housing and Urban Development. Borrowers only need a minimum credit score of 600 and a 2.25% downpayment. There is no mortgage insurance and the borrower can take advantage of low Federal Housing Agency mortgage rates.
The program was created to help Native American borrowers buy land in tribal communities where it is often hard to get financing because the land is held in trust by the government, Hubbard said.
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Borrowers in this program can use the loan to buy property anywhere in California. It is not restricted to tribal land.
For more information, call Hubbard at (559) 287-8086 or Guarantee Realtor Teresa Norman at (559) 213-2090.