The new Indian Home Loan Guarantee Program is designed to enable the state’s indigenous population become homebuyers through the Department of Housing and Urban Development’s Section 184 Indian Home Loan Guarantee Program. CalHFA said the program will offer competitive interest and mortgage insurance rates and can be paired with its MyHome or School Teacher and Employee downpayment programs. Eligible borrowers can also incorporate other gift or grant programs including, such as the Federal Home Loan Bank’s WISH program and or tribal assistance funds, to achieve their lending needs.
“We are pleased to be able to offer this opportunity to Native American homebuyers,” said CalHFA Executive Director Tia Boatman Patterson. “Homeownership is a proven way to transfer wealth between generations, and Native Americans—whether on tribal lands or in California as a whole—are underrepresented as homeowners.”
“We’re thrilled that CalHFA is now able to extend mortgage loans to the Native American community,” said Rob Wiener, executive director of the California Coalition for Rural Housing. “California’s housing programs have long neglected our Native American community. Making it easier for tribal members to buy decent and affordable homes is a concrete way to improve the quality of life and outcomes for Native families.”
CalHFA also announced the introduction of a USDA-guaranteed home loan program, further extending its reach in rural areas of California.