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White Bear remembered the degradation of being refused a home loan because her rating was too low when she relocated to Fargo. "You said, "Well, because of that number, you know, we wouldn't be able to help you," and essentially we were done," said White Bear, a surgery engineer and member of the Arikara from the Fort Berthold Reserve.
After seven years, White Bear still lives in the same two-room flat, but now there is another credit facility for her and other Indians who live in reserves. Also known as Section 184, the Indian Home Loan Guarantee Program provides a low down pay, no mortgages and flexibility in your onwriting.
The HUD guarantee covers the loan in the event that the Mortgagor is in default. A Belcourt-born and registered member of the Turtle Mountain Band of Chippewa, Jaclynn Davis Wallette remembered that when she and her man relocated to Fargo eight years ago, they chose not to fill out an option section of their loan request.
"Just how hard it was not to put that tick next to'Native American' on the registration form because it really is what we are," said Wallette, who works with White Bear in Fargo's New American Commission. The Congress launched the Indian Mortgage Loan Programme in 1992. Only available to Indians who live in reserves, it was extended a year ago in North Dakota to those who live in reserves.
"It' s a very good business from an investor's point of view," said Dave Flohr, North Dakota Housing Finance Agency single-family programme manager. Its state has worked with three lending agencies on the programme, mainly in West North Dakota, creating about 20 loans in six counties in the region at an average amount of $72,000, Flohr said.
January Cody, a mortgages loan officer with Cornerstone Bench in Fargo, said she visited the Forums on Thursday to get workout on section 184 Lending so the bench can begin to offer it. "She said, "I wasn't sure this programme was available and I've been in it for a long while.
Mr Sam Robertson, president of the New American Commission, said that a follow-up meeting will be convened in a year's time to measure advances towards home owners in India.