Veteran Home Loans Native American Direct Loan Program
The United States Department of Veterans Affairs (VA) is responsible for administering programs of veterans’ benefits for veterans, their families, and survivors. One of the government loans benefits that we are going to examine here is the Veteran Affairs Home Loans: NADL Program under veteran government loans category.
The Native American Direct Loan Program is so designed as to make veteran loans available to Native American veterans who are eligible and who wish to buy, build, or improve their existing home on Federal trust land. According to one of the chief eligibility clauses, the home must be your primary residence.
General Program Requirements
Native Americans who are eligible to apply for Native American Direct Loan Program include:
1. Veterans (This includes Reserve and National Guard members who were called to active duty)
2. Active duty service members
3. Current Reserve and Guard members (usually after 6 years of reserve service)
4. Commissioned Officers of the Public Health Service and National Oceanic and Atmospheric Administration are considered to be active duty members and veterans, once discharged.
5. All these Veterans must have been discharged from their duty under proper conditions. Anyone found to have been forcibly discharged due to dishonorable reasons are summarily rejected from eligibility.
6. The veteran must either (i) be a Native American enrolled in an American Indian tribe or Alaskan Native village, a Pacific Islander or a Native Hawaiian; or (ii) be married to such a person.
7. The loan must be for the home you will live in. If not, then it is not considered.
8. The value of the home must be equal to or more than the loan amount.
9. Your income must be more than sufficient to meet all related expenses such as your monthly repayments, regular maintenance of your home, and other debts and commitments if any. You should have decent surplus money to meet daily expenses such as food, gas, and other similar outflows.
10. Your credit history must be good.
In almost all the cases, the length of service is considered as an important factor to be eligible for this Native American Direct Loan Program. A valid Certificate of Eligibility (COE) is mandatory and this can be obtained from VA office or from a lender using the Automated Certificate of Eligibility (ACE) program.
The Veteran Affairs Department defines the rate of interest for the Native American Direct Loan Program. The maximum period of the loan is 30 years. All payments are in equated monthly installments. The maximum loan amount is (a) $417,000 at present, for government loans made on Federal Trust land and which are located in the 48 states that are connected without a break, sharing common boundaries and (b) $625,000 for veteran loans made on Federal Trust land in Alaska, Hawaii, and the South Pacific.
Did You Know You May Be Eligible For Veteran Grants?
Veteran grants often fall into two important categories: veteran housing grants, and veteran life insurance grants. Veteran grants are designed for seniors who have served the country and now need financial relief in order to carry on with life. Thousands of veterans get easy financial assistance simply by applying for veteran grants, making day-to-day responsibilities such as paying bills or shopping, a little easier.