Are you a card carrying Cherokee Indian? The Cherokee Nation provides down payment and closing cost assistance for qualified Buyers. You, or your spouse, must be a recognized Cherokee Indian, your household income may not exceed 80% of the median income, and your debt to income ratio may not exceed 41%. (For more information about these income limits, call or email us.) You must not have owned another home in the past 3 years and be willing to purchase a home, with a maximum of 5 acres, in the Cherokee Nation jurisdictional boundaries (ask us for details on this eligible area.) The amount of the assistance is $15,000 and is to be used for down payment and/or closing costs. The $15,000 is considered a "soft second lien," which means that a second mortgage will be placed against the property for $15,000. However there is no monthly payment associated with this lien, and as long as you occupy the home as your primary residence for a minimum of 10 years, the lien will be released with no repayment required. If you decide to move out of the home within the first 10 years you will be expected to repay a prorated portion of the $15,000 depending on the length of time that you stayed in the home. Neighborhood Mortgage Group will carry a first mortgage against the property for the remaining portion of the financing required to purchase the home.
With this combined financing effort between the Cherokee Nation and Neighborhood Mortgage Grouop, Buyers can purchase a home with ZERO money down.
If you would like to find out more information about this program, call (918)246-7100 today.
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