Government Grants, Loans: Public and Indian Housing_Indian Loan Guarantee Program (Matching, Phasing)

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Public and Indian Housing_Indian Loan Guarantee Program

ASSISTANCE CONSIDERATIONS
	· Length and Time Phasing of Assistance
		The term of the loan cannot exceed 30 years. The processing time varies from time of application to the time the loan closes, but in general will average from 30 to 120 days unless there are significant land issues; then 6 to 12 months is possible.
	· Formula and Matching Requirements
		The loan amount is calculated based on 97.75 percent of the appraised value of the property if over $50,000 and 98.75 percent if the property is valued at or under $50,000. The applicant must have sufficient assets in cash (or their equivalent) to make the downpayment. The applicant's total debts (including the mortgage loan) should not exceed 41 percent of their income (unless valid compensating factors are presented).

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