HomeReady – Fannie Mae’s Low Down Payment Mortgage Product

Good Morning!

I hope this email finds you well. I am reaching out because I participated in Great Lakes Indian Housing Association meeting earlier this summer in the Wisconsin Dells . That session was extremely insightful and the information I took back was invaluable. During our time together, we discussed the importance of having access to affordable capital and Fannie Mae’s support for homeownership opportunities on trust land on Indian reservations.

Today, I am excited to share information about HomeReady, Fannie Mae’s low down payment mortgage product. HomeReady can be used on tribal trust land on Indian reservations, pursuant to an agreement between Fannie Mae, the tribe and the lender. Ideal HomeReady borrowers:

  • Have low to moderate income
  • Are first-time or repeat homebuyers
  • Have limited cash for down payment
  • Have a credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing
  • Have supplemental boarder or rental income
  • Are looking to purchase or refinance

I have attached a handout to this email.. Should you have any questions or want to discuss how to access this product in greater detail, please feel free to reach out to me directly. I am happy to help in any way I can. Thank you so much and enjoy your day.

Kellie Coffey
Single Family Rural Housing | Duty to Serve
Fannie Mae
301-418-7643 (direct)

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Consultation Request Form for Region 5 Opioid Taskforce

The Region 5 Opioid Taskforce is comprised of the U.S. Department of Health and Human Services Staff and Operating Divisions. This task force is committed to assisting Indian Country in addressing this issue. The Taskforce will assist Tribes in identifying strategies and resources to combat this epidemic.

We welcome the opportunity to support your state, tribe, or organization to identify strategies and resources to combat the opioid epidemic. Please complete the brief information below to allow the Taskforce to review your request and schedule a consultation. Requests will be reviewed by Taskforce members to determine if a consultation is better suited to specific federal agencies or the entire R5 Opioid Taskforce. 

Submit consultation request and any attachments to: Erica.Moorer@hhs.gov

Date:

Name of Requesting Organization(s):

Point(s) of Contact from Organization(s):

Title:

Email:

Phone:

Please submit the following information:

  • Brief Summary of Request (limit to 1-page).
  • List of existing partners addressing this issue and in what capacity.
  • If your community has a strategic opioid plan, please attach.
  • If you have data or references that provide additional context for the issue, please include.

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New Report on Financial Capability in American Indian and Alaska Native Communities

First Nations Development Institute and FINRA Foundation recently published an in-depth analysis of Financial Capability of Native Americans. See attached link.

Updated HUD Tribal Directory Assistance Tool (TDAT)

A new version of the HUD Tribal Directory Assistance Tool (TDAT) is available at https://egis.hud.gov/tdat. TDAT links tribes’ geographic areas of current and ancestral interest down to the county level, and is utilized for tribal consultation under Section 106 of the National Historic Preservation Act. The functions of this version are the same as the last version of TDAT, but the look is different and it now functions on mobile devices. Updates to information listed in TDAT should be submitted through TDAT. This can be done by selecting “Menu”, and then “Feedback and Corrections.”

USDA DISASTER RESOURCE CENTER and GRANT/LOAN PROGRAMS

US Dept of Agriculture (USDA) stands ready to partner with tribes in preparing, recovering, and building long-term resilience to natural disasters. The USDA Disaster Resource Center is available to help Indian Country identify resources and technical assistance opportunities relevant to these events and emergencies.

USDA Grants, Loans, & Other Programs

Section 184 Program resumes processing case number requests

The Section 184 Program re-opened for business on October 5, 2017. The initial priority was be processing case number requests and reservation of fund requests submitted since 09/22/17 when program processing was suspended. All submissions will be processed in the order they were submitted to the Section184@hud.gov mailbox.

 

FY 2017 Indian Community Development Block Grant Awards- $55 Million for Housing and Community Development Project in 77 Native Communities 

Today, the U.S. Department of Housing and Urban Development (HUD) awarded $55.2 million to 77 Native American tribes throughout the country to improve housing conditions and to stimulate economic development in their communities. HUD’s Indian Community Development Block Grant (ICDBG) Program is a competitive program that supports a wide range of community development and affordable housing activities, from new housing for individual families to community amenities like rec centers or water lines. Read the full Press Release Here.

FY 2018 IHBG Formula Estimates

Click Here for the following information:

  • Impact of Single/Multi-Race Provision on the FY 2018 IHBG Estimate Allocations: Narrative, Tribes’ Formula Components, and Needs Variables (MS-Excel)
  • FY 2018 Estimate Summary – CAS
  • FY 2018 Estimate Summary – Formula Area
  • FY 2018 Estimate Summary – Needs and Allocation
  • FY 2018 Estimate Summary – Section 8
  • FY 2018 Estimate Summaries (MS-Excel)
  • The American Community Survey Implementation Analysis (MS-Excel)
  • Phase Down Schedule (MS-Excel)
  • FY 2018 Estimate Cover Letter
  • FY 2018 Estimate Correction Letter
  • FY 2018 Estimate Appendices
  • FY 2018 Estimate Calendar of Critical Deadlines and Frequently Asked Questions
  • FY 2018 Estimate Corrections/Challenge Log

PIH Notice Announcement

On November 22, 2016, HUD published the final rule revising the IHBG allocation formula authorized by section 302 of the Native American Housing Assistance and Self-Determination Act of 1996, as amended (NAHASDA). These regulations, which became effective on December 22, 2016, update the regulations at 24 CFR part 1000. Three notices (PIH 2017-14PIH 2017-15, and PIH 2017-16) have been published to provide information related to these changes.

Dear Participating Lenders Letter- NEW! Computerized Loan Origination System for Section 184 Home Loan Guarantees

HUD is introducing a new computer system to expedite the processing of mortgage loans for Section 184 Home Loan Guarantee Program. The system will with launch this month and available to all lenders with direct guarantee approval upon completion of scheduled training. See Dear Participating Lenders letter for more details.