Housing Loans
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We are very pleased to announce that the US Department of Housing and Urban Development (HUD) has certified Four Directions Development Corporation as an approved lender for the Section 184 Loan Guarantee Program. The HUD Section 184 Loan can be used to:
Section 184 Loans require a low downpayment of 1.25% to 2.25%, and a one-time 1% up front guarantee fee to be paid at closing and can be financed into the loan. We also offer energy efficiency loan products that have discounted interest rates as an incentive for borrowers to invest in energy saving home improvement projects and products. Four Directions Development Corporation provides the following types of loans for tribal members: Basic terms are as follows (products, rates and terms subject to change):
At this time, FDDC loan products are only available with fixed interest rates for the term of the loan. Loans are priced at a rate sufficiently above the cost of funds to support administrative and servicing expenses, educational and development programs, and a contingency for loan losses. The Housing Loan Program is limited to the primary residence of eligible homeowner. Loans may be for repair and improvement of housing units that will serve tribal members. Loan products are offered at the lowest possible costs in order to benefit low and low-to-moderate income borrowers, as defined by applicable Federal guidelines, while adhering to standards of diligence and accountability appropriate both to the tradition and culture of Native American peoples and the requirements of the global financial community. In short, FDDC seeks to help eligible tribal members not only to access needed capital, but to use that capital effectively in meeting their housing and small business financing goals, and to repay that capital in a timely fashion. This balanced focus is essential in order to build both the credit of individual borrowers and the pool of loan capital available to all Native Americans in Maine. |
