Minnesota Chippewa Tribe Finance Corporation


	*Home Loans* Application Procedure \| Step 1: Download Application \| Step 2: Download Authorization Form \| Step 3: Budget Worksheet TRIBAL THIRTY YEAR ACCOMPLISHMENTS Total Funding - $34,678,346 Total Loans Made – 1919 Revolved or Paid Loans – 1184 Currently Occupied Homes – 735 During 2006 – 48 loans were made through revolving funds totaling $5,044,274 Locations – On reservations, 593 homes; off-reservations and rural, 135 homes; urban homes 7. New construction costs achievable – 3 bedroom rambler w/full basement or 2 bedroom split-level and deck. MINNESOTA CHIPPEWA Tribe Finance Corporation TOTAL HOMES Bois Forte – 48 Fond du Lac – 71 Grand Portage – 42 Leech Lake – 208 Mille Lacs – 18 White Earth – 206 Off Res. Rural 135 Urban – 7 Revolved – 1184 TOTAL – 1919 LOAN SPECIFICATIONS Click Here for Products & Services Matrix Loans may be used to build or purchase homes within the state of Minnesota The maximum loan amount is $201,000 for new construction or for home purchase and renovation loans can be up to the appraised equity. New construction loans include a 3% contingency set aside fund to cover potential cost overruns. Land purchases may be included in the financing package, up to 10% of the total loan. ELIGIBILITY REQUIREMENTS Applicant must be an American Indian enrolled in The Minnesota Chippewa Tribe and must be owner occupied. The applicant must be a reasonable credit risk, have a stable employment history, and meet state and FHA credit underwriting guidelines. APPLICATION PROCEDURE The following information will be needed to make a determination on your application. • $25 Application Fee • Name and addresses of landlords for the past 3 years • Name and addresses of employers along with dates of employment for the past 3 years for each person residing in household • Tax returns for the past 2 years to include W-2 Forms • Recent pay stub • Copy of Driver’s License • Copy of Social Security Card • Documentation (copy of checks, award letters, etc.) of any income sources such as social security, retirement benefits, etc., and their addresses • List of all liabilities and assets (Where noted on application) • List of all checking and savings accounts including bank branch name, address and account numbers. (Two months of bank statements on all accounts) • Proof of enrollment in the Minnesota Chippewa Tribe First Time Homebuyer Education is a requirement of the Minnesota Chippewa Tribe. A certificate showing completion of this course will be required for first time homeowners. Please call Cindy Beaulieu at 218-335-8582 to find out when our next class is scheduled or to find one in your area. Step 1: Download Application \| Step 2: Download Authorization Form \| Step 3: Budget Worksheet