FHA Home Mortgage for Torres-Martinez American in California

The people of the Torres-Martinez Native American tribe strive for nothing more than maintaining their ancestors’ traditions. And, while that includes preserving their language and culture as best as they can, there are some societal changes that simply cannot be ignored. One such change: the housing and mortgage industry. It turns out that the state of California has FHA Home Mortgage Options for its Native American population, including the Torres-Martinez tribe.

The Torres-Martinez lands span three counties: San Diego County, Imperial County, and Riverside County. On these hundreds of acres, a Native American can take out a Section 248 Mortgage on Indian Lands. It can be used to finance the purchase of a home that houses anywhere between one and four families. The home must be situated on reservation lands, whether they’re owned by the tribe or provided by the United States government to a tribe.

Lenders will be specific about who is taking out the loan, too. As mentioned previously, you must have Native American roots in order to obtain the loan. This could mean that you are Native American and purchasing a home for yourself to live in. It could also mean that a tribe pools together in order to purchase housing on their reservation lands for families to rent. Multiple people can sign the mortgage as well, so long as one co-borrower is Native American and will live in the house once it’s purchased. In fact, one borrower must live in the purchased home as his or her primary residence no matter what.

There are, of course, more stipulations, though these apply to your tribe and not to you in particular. In order for the bank to okay your loan, your tribe will have to confirm that it meets the U.S. Department of Housing and Urban Development’s (HUD) requirements. First of all, the tribe must guarantee that it has an eviction procedure that will be followed, should tenants fall short on payments. Second, the HUD must be allowed on the premises to fix and service its properties. Third, the tribe must agree to the HUD’s lease form. And, finally, tribes’ judicial systems can have the jurisdiction to hear eviction and foreclosure cases regarding FHA-insured and FHA-mortgaged homes. Alternatively, they can choose to let the state of California’s law override their own so that liens against the property can be prioritized.

This may seem like a lot of information to process. For guidance in obtaining your FHA Home Loan as a Native American, call us today at 866.260.2253. You can also email us at mark@ablending.com.