Minnesota Chippewa Tribe Home Loans
Goals
  • To promote the advancement and expansion of affordable homeownership programs to Native American member bands of the Minnesota Chippewa Tribe.
  • To provide mortgage financing for the purchase, construction and rehabilitation of single family homes.

Home Loan applicants must be an American Indian enrolled in the Minnesota Chippewa Tribe and must be owner occupied. Applicants must also meet other requirements such as; reasonable credit risk, have a stable employment history, and meet State and HUD credit underwriting guidelines.

Friendly, Knowledgeable Staff

Our staff includes:
Rick Wuori, Director
Beverly Goss, Portfolio Manager
Dave Ross, Construction Specialist II
Lynette Troy, Realty/Property Specialist
Cyndi Cwikla, Loan Underwriter
Rosanne Wilson, Homeowner Advocate
Naomi Gullickson, Financial Servicing Specialist
Carla Jones-Leecy, Finance Servicing Coordinator
Camille Naslund, Special Projects Coordinator
Janice Foster, Administrative Assistant

Let Us Introduce Ourselves

The Minnesota Chippewa Tribe Finance Corporation (MCTFC) has been administering and providing mortgage loan services to low and moderate American Indian borrowers since 1977. The MCTFC has assisted over 1800 families to improve the quality of their living environment through construction or purchase of suitable housing.

The MCTFC processes housing loans through HUD Section 184 insured loan program when possible. Community Revitalization Funds (CRV) through the Minnesota Housing Finance Agency (MHFA) is used for gap financing on these loans. MCTFC also partners with member banks of the Federal Home Loan Bank utilizing Native American Housing Initiative funds for down payment assistance to qualified clients.

The MCTFC website provides downloadable information and interactive tools which describe the types of service programs available. In addition, we perform field application intake sessions at various locations on each of the six member reservations. We also provide homebuyer training, assists clients with home inspections and construction counseling.

“What to look for in a House”

There are many good reasons for buying a home providing you are ready for the increased responsibilities that come with homeownership.

Here is a list of things to look for when considering buying a house; Location, Age of Home, Size of Home & Landscaping.

Follow a checklist:
1. Doors 10. Laundry 19. Interior Walls
2. Windows 11. Water Heater 20. Interior Ceilings
3. Foundation 12. Water Supply 21. Interior Floors
4. Steps or Porches 13. Sanitary Sewer 22. Ceiling Insulation
5. Chimney 14. Furnace 23. Wall Insulation
6. Roof 15. Duct-work 24. Storm Doors
7. Exterior Walls 16. Electrical 25. Storm Windows
8. Bathroom 17. Outlets 26. Smoke Detectors
9. Kitchen 18. Fixtures

Looking For a Place to Call Home
The Minnesota Chippewa Tribe’s Home Loan Program provides financing to members of the Minnesota Chippewa Tribe.

Homebuyers
The following information will be needed to make a determination on your application:

  • $25.00 Application Fee
  • Name & Addresses of Landlords for the past 3 years
  • Name & Addresses of employers, along with date of employment for the past 3 years for each person residing in the household
  • Two most recent pay stubs
  • SIGNED Tax returns for the past 2 years to include w-2's
  • Copy of Driver’s License or Photo ID
  • Copy of Social Security Card
  • Proof of Enrollment in MCT
  • Other sources of income; social security, retirement benefits, per capita income
  • List of all liabilities & assets
  • Two months of recent bank statements (checking & savings accounts)

Buying Property
Once you have selected a home to purchase, the lender will conduct an appraisal of the home/property to determine its value and ensure that it meets the MCTFC’s minimum specification requirements.

Since the lenders security is the subject property, the value must meet or exceed the loan amount.

Income
The income of each borrower to be obligated for the mortgage debt must be analyzed to determine whether it can be expected to continue through the first three years of the mortgage loan. Your new house payment plus other monthly debt should total no more than 40% of your gross monthly income.

Your proposed house payment should total no more than 27% of your gross monthly (before tax) income.

Financing
You must be aware of four factors that lenders look at when deciding whether you are qualified called the “Four C’s”.

  • Capacity (Your Income)
  • Cash (Your Down Payment)
  • Character (Your Credit)
  • Collateral (The Property)

Your financial situation and credit history will determine your ability and willingness to repay the loan. The property serves as collateral for the loan.


P.O. Box 217 • Cass Lake, MN 56633 • Phone: 218-335-8582 • Fax: 218-335-6925

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