Comanche Nation Housing Authority
402 S.E. “F” Ave. ~ P.O. Box 1671
Lawton, OK 73502
580.357.4956 ph
1-877-263-7042
.
Financial Lending
The Comanche Nation Housing Authority (CNHA) adopted Resolution 08-99 on June 15, 1998, amended by Resolution 08-99 on April 12, 1999 which instated a policy allowing 100% Mortgage Financing.
In the process of providing safe, affordable housing for Native American families living within the serving area (Caddo, Comanche, Cotton, Kiowa, and Tillman counties) of the CNHA, it has been determined that many Native American families have the credit history and financial potential to enter into and keep the commitments required for securing a mortgage.
The mortgages can be set up for payback over any number of years, not to exceed thirty (30). The thirty year payback period or 360 monthly payments is the most often used.
Interest rates are fixed annually quarterly at the beginning of each quarter.
It is set 3/10th of a point below the average market date at the beginning of each quarter (Example 6% interest=CNHA=5.7%)
Loan monies must be used for the purchase of single family dwelling to be used as the primary residence of the person requesting the mortgage.
To be eligible, a Native American family must make between 50% and 80% of the United States median income as it relates to their family size. In addition, their monthly principal payment cannot exceed 30% of their adjusted gross annual income. This also must be the applicants first and primary residence.
A $20.00 processing fee is charged for each applicant. This fee will be paid with the initial application.
The homes must be located within the five counties served by the CNHA. These counties are Caddo, Comanche, Cotton, Kiowa and Tillman.
Income Limits by Family Size*
1
2
3
$34,450
$39,350
$44,300
Income limits under NAHASDA as Jan. 2008
It is preferred that the selected home be built after 1978, homes built before 1978 must be tested for lead based paint. This is an added expense and the test must be conducted prior to closing on the sale of the home.
The CNHA will file a Primary lien against the property for the duration of the loan. There is no prepayment penalty.
The maximum amount of the loan cannot exceed the Total Development Cost NAHASDA set by the Department of Housing and Urban Development for housing in our area, less administrative cost associated with the processing of the loan application. In no case will the administrative amount be more than one- percent of the total loan requested.
The Native American Housing and Self-Determination Act of 1996 limits the amount of participant’s payments to 30% of their adjusted gross annual income. So in processing an application, the loan amount will be tied directly to the annual income of the applicant. Therefore, the annual income might limit an applicant to a $50,000 house or less; depending on the annual income.
Payments are made directly to the CNHA and are due by the 1st of each month, delinquent after the 15th. Payments that are received after the 15th will be accessed a late charge of 5% of the monthly payment. The CNHA collection policy will govern collection procedures.
Monthly payments include principal, interest, insurance and tax amounts. Money for insurance and taxes will be held in escrow by the CNHA and paid to the appropriate agencies. A homeowner’s insurance policy must be presented at the time of closing on the home.
Any instrument issued to the CNHA for payment of monies due the CNHA by the issuer will be assessed a $20.00 return check fee if that instrument is returned as uncollectible for any reason to the CNHA. This fee amount will also incur the 5% penalty amount if carried as part of the balance on the account.
The CNHA holds no responsibility to the current or future condition of the property purchase. It is understood that the purchaser will maintain the property and grounds in a reasonable and proper manner.
The CNHA will provide each homeowner with a year end report of their account, indicating escrow balances, commitments paid and interest paid by the homeowner.
The CNHA suggests that approved applicants work with a licensed realtor for selection of their home. Approved applicants will be provided three original copies of a letter of approval.
Once approved, mortgage loans are not subjecte to change based on income. The principal & interest of the loan will always remain the same and is not negotiable to be lowered for the life of the loan.
ź All documentation necessary to process the loan must be submitted at the initial application
The CNHA offers 100% mortgage financing to Comanche tribal members who meet income and credit guidelines. Counseling services focused on transitioning families into financial stability are offered to improve credit rating should the need arise. Applicants may also utilize the down-payment and closing cost grant program with CNHA loans.
Comanche tribal members are eligible for this program providing that they are income eligible. Applicants do not have to obtain their mortgage through the CNHA to be eligible for this grant. Veterans are also encouraged to apply for assistance.
The financial lending department is responsible for assisting homeowners in obtaining hazard insurance coverage for their homes through AMERIND, an Indian-owned and operated business. The financial lending staff assists in processing the necessary paperwork to obtain insurance for both the first time buyer and the clients who have paid off their units, whether these units are on trust land or not. Any Native American wanting coverage for their property is eligible, regardless of whether CNHA holds the note or a private lender holds the note.
Any homeowner is eligible for this if they reside in property (they own) on January 1st of the year filing. Deed filed before February 1st of the year filing. Person filing must reside in property and their names must be on the deed.
For more information about these programs, please call or come by and see
Elsie Tissychy - Director of Financial Lending
Fred Codynah - Risk Pool Coordinator
ź For further information, contact the mortgage department @ (580) 357-4956
Printable Application Form .pdf form - Adobe Reader, free at www.adobereader.com
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