The Corporation has a modification program for existing home loan clients to reduce their interest rate. The following criteria must be met in order to be eligible:
Eligibility
Loans with interest rates that the new interest rate will result in a reduction of at least 1% are eligible for this program.
Credit Standards
Reasonable credit risk as per MCT home loan standards for conventional loans.
Must meet HUD 184 guidelines for insured loans.
Appraisal Required
A new appraisal is required.
Renovations
New renovations can be included and may be necessary to bring the home up to acceptable standards.
Loan Limits
Loans may be up to the appraised value.
Loan Term
The loan term will be determined but not more than the existing maturity date.
Title Requirements
Modification must be in first lien position for all loans.
Occupancy Required
Borrowers must be occupying the home as their primary residence and one must be enrolled in The Minnesota Chippewa Tribe.
Fees
Appraisal Fees average $500, Title Fees average $200 and can be wrapped into the loan
To Apply
Go to our Applications Page and use the forms provided or contact our office and we will assist you.
