Home Equity
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The following guidelines are subject to change by the
Board of Directors of Colville Tribal Credit Corporation.

This program is designed to provide the opportunity to use the equity in your home to finance home improvements, provide cash to consolidate existing indebtedness or for any other legal, worthwhile purpose, as well as pay off existing indebtedness on your home.

  • Eligible applicants include enrolled Colville Tribal members over the age of 18 and their spouse, if married

How do I apply?

To apply for this loan, an applicant must submit the following:

  • Completed and signed loan application
  • Income verification (recent pay stubs or two years of IRS tax returns)
  • Legal description of property
  • Current loan balances on property
  • Cost of proposed purchases or home improvements

If I already have a loan with Colville Tribal Credit, can I apply for a home equity/home improvement loan?

Yes, an applicant may apply if they currently have a loan with Tribal Credit; however, all loan advances must fit debt/income ratios and maximum loan amounts established by Tribal Credit.

How much money can I apply for?

  • The amount of money Tribal Credit can loan depends on the appraised value of the property. The maximum loan is limited to 80% of appraised value. For example, if the land appraises for $100,000, the maximum Tribal Credit will lend is $80,000.
  • The maximum loan amount is $175,000 which includes all loans under this program and the residential real estate program as well.

Do I have to live in Washington state?

The property must be in Washington state.

Do I need to obtain insurance on the property?

All collateral securing the loan must be insured at loan closing with Colville Tribal Credit Corporation named as loss payee or mortgagee.

Do I need to obtain an appraisal on the property?

The property needs to have a current appraisal by a certified, licensed appraiser if the loan amount exceeds $25,000 on fee property and on all loans secured by trust property. A current tax assessment can be used on fee properties if the loan amount is $25,000 or less. If significant improvements are being made to the property, the proposed improvements will be included in the appraisal.


Home Equity

Tribal Credit must obtain a first lien position on the collateral or a second lien position subject only to a first lien position by Tribal Credit.

Possible uses for home equity funds are debt consolidation, minor home repair/improvements such as paint, carpeting, appliances, furniture, etc., and payment of outstanding auto debt.

For debt consolidation, applicant must attach current billing statements of the accounts they wish to consolidate. Applicants must continue to make their scheduled payments on the accounts they wish to consolidate up to the date that loan documents have been signed and Tribal Credit has disbursed funds.

Additional information may be requested.


Home Improvement/Renovation

Tribal Credit must obtain a first lien position on the collateral or a second lien position subject only to a first lien position by Tribal Credit.

If applicant is applying for funds for major home improvements, the following additional information is also required:

  • Bid showing the estimated cost of the project
  • Contractor’s resume for Tribal Credit review
  • List of contractor’s last three largest projects completed
  • Contractor must be licensed and bonded
  • Contract between borrower and contractor may be required

If applicant is approved for this funding, a letter of approval will be sent outlining the conditions of the approval and any additional requirements.

Please contact the Real Estate Loan Officer at 509.634.2662 if you have any questions.

 

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