Native Americans around the country will find that there are several options available to them if they need a mortgage assistance program. This is comforting news to those who may be experiencing financial hardship, trying to avoid foreclosure, or would like to purchase a home and need some assistance. The more you know about mortgage assistance programs for Native Americans, the better you will feel in being able to find the help you are in need of.
Mortgage assistance programs explained
If you have a mortgage you may at times feel that you need some help, a little assistance, in order to keep up. Perhaps you have lost a job, took on additional bills, or something else has come into play that has made it more difficult for you to keep up on your mortgage. You don’t want to lose your home to foreclosure, so the best thing to do is find a mortgage assistance program that will give you the edge you need in order to make your payments more comfortable and help you keep your home.
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Mortgage assistance programs for Native Americans
Programs that offer mortgage assistance are available through the federal and state governments. They provide the assistance that many homeowners need in order to stay in their home, and to help make it more affordable for them. Some mortgage assistance programs help guide people during the home purchasing period. Some of the things that a mortgage assistance program can do for a homeowner include providing loan counseling, foreclosure postponement, mortgage refinancing, mediation services, and more.
There are many mortgage assistance programs available around the country, with all of them open to Native Americans. Some are offered through banks and other lending institutions, while others are offered through nonprofit organizations and government agencies. Here are a few mortgage assistance programs for Native Americans to consider:
- HFA Mortgage Assistance Programs – Freddie Mac, a federal home loan mortgage company, offers mortgage assistance programs. Some of the programs they offer include unemployment assistance to help those who have lost their job, a mortgage reinstatement program that offers a one-time grant to help people become current in their mortgage, and modification assistance programs, which help to make modifications to mortgages. They also offer a transition assistance program to help people make the move to more affordable housing.
- Government Mortgage Relief Programs – There are several government funded programs that people can turn to for mortgage assistance. These include loan modification, loan refinancing, employment programs, principal reduction programs, foreclosure alternatives, and more.
- Home Affordable Refinance Program (HARP) – Offered through the Federal Housing Finance Agency, the program helps homeowners who are underwater with their mortgage (they owe more than their home is worth). HARP can help homeowners get a lower interest rate, and adjust the terms of the mortgage. To be eligible for the program, you must be current on your mortgage with no 30+ late payments for the last six months. Plus, your current home loan has to be owned by Fannie Mae or Freddie Mac.
- Housing and Urban Development (HUD) – The federal government offers programs to help homeowners who may need assistance with their mortgage, including if they would like to avoid foreclosure. To get assistance, speak with a HUD counselor about your situation and needs.
Qualifying for mortgage assistance and how to apply
Mortgage assistance programs for Native Americans each vary in how you apply, as well as in what the eligibility requirements may by. Mortgage assistance programs may take such factors into consideration as how much you own on your mortgage, what your home value is, your household income, and more. Contact each of the programs you are interested in to see what the eligibility requirements are and how to go about applying for the programs.
Mortgage assistance programs will typically take numerous factors into account to determine what type of help you qualify for. Some programs may be able to help you refinance your mortgage, help you become current with the payments, help you purchase a home, or even help you avoid foreclosure. The good news is that there is most likely a program out there that can help everyone’s situation. You just need to reach out to them and get the process started.
