Minnesota Chippewa Tribe Home Loans

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: George J. Goggleye, Jr., Director Cierra Moehling, Finance Accountant Eric Reed, Construction Specialist II Paul Maas, Construction Specialist Alyssa Leecy, Homeowner Advocate Naomi Gullickson, Finance Administrator Carla Jones-Leecy, Finance Servicing Coordinator Janice Foster, Office Manager/Loan Processor

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 2,000 families to improve the quality of their living environment through construction or purchase of suitable housing.

The MCTFC processes housing loans through conventional and HUD Section 184 insured loan program. Down payment assistance programs are sometimes available in local areas.

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:

• 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.

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