Local lender becomes USDA RD loan application packager on NM Tribal Trust Lands.
The New Mexico office of the US Department of Agriculture’s Rural Development agency, announced earlier today that Native Community Finance has been approved to become the agency’s newest “intermediary” or packager.
The certification is the first given to a Native entity in the nation.
The USDA states on its website that “The intermediaries’ role is to conduct quality assurance reviews on the loan application packages, provide training, technical assistance and support to the certified loan packagers as well as outreach for additional loan packagers within their state coverage area.”
According to the announcement, “Native Community Finance (NCF) is a 501(c)3 Native Certified Community Development Financial Institution (NCDFI) with experience in lending on Tribal trust lands in New Mexico.”
This is considered important to Native residents given the tough economic conditions in New Mexico.
USDA states that “The Direct Home Loan Program assists low and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing a no money down home loan. To qualify for this home loan applicants must meet income eligibility limits and demonstrate a willingness and ability to repay debt.”
NCF role will be to help Native residents who live in New Mexico apply for home loans through the Direct Home Loan Program on Tribal trust lands.
In making the announcement USDA Acting State Director Eric Vigil stated, “The agency strongly believes by establishing a vast network of competent, experienced, and committed certified packagers such as NCF, we’ll be able to help low and very low-income Native residents become homeowners.
“By doing so we’ll ultimately help build a stronger, more prosperous economy on Native lands.”
The announcement also stated that “Marvin Ginn, NCF’s Executive Director, has over 20 years’ experience lending in Indian Country and will lead the agency’s efforts to help Native Americans apply for a home loan using USDA RD’s Direct Home Loan Program.
“NCF will provide guidance to those Native American residents seeking a home loan by determining if the USDA RD Direct Home Loan Program is the best loan product for them. Once it is determined the applicant can qualify for a loan, NCF will help the family complete a loan application for consideration by the local Rural Development office.
“The Direct Home Loan Program assists low and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing a no money down home loan. To qualify for this home loan applicants must meet income eligibility limits and demonstrate a willingness and ability to repay debt.”
For more information on the Direct Home Loan Program offered by USDA Rural Development visit their website at: https://www.rd.usda.gov/nm or call 505-761-4950.