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

Personal Residential Real Estate Loans

It is the policy of Tribal Credit is assist in the development of the local communities by encouraging home ownership by tribal members. In all instances, sound credit analysis will be applied to the extension of any loan.

This program is designed for borrowers desiring to purchase a stick-built (wood-frame) home and land where the home and land will be collateral for the loan. In addition, borrowers who are purchasing a manufactured home which will be permanently attached to the land are eligible for this program if the manufactured home and land are collateral for the loan. See specific home construction loan guidelines for new home construction loans.

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

How do I apply?

The Real Estate Loan Officer can begin the analysis with a fully completed loan application. Application must have signature and date with income verification attached. Please follow the basic instructions included with the application carefully. If a Purchase and Sales Agreement has already been completed between buyer and seller, applicant may attach this to the application at the time the application is submitted. If you are purchasing trust property, the buyer and seller must make application to BIA Realty prior to submitting your application to Tribal Credit. Applicant may be required to submit additional information.

Applicants may request a “Pre-approval.” If approved, this allows the borrower to shop for their personal residence at or below their pre-approved amount, which is the amount determined to be affordable to them.

How much money can I apply for?

  • The maximum residential real estate loan is $175,000.
  • Borrowers can apply for either 90% or 95% financing. The interest rate on the loan will be determined by the loan-to-value ratio.
  • The amount of money Tribal Credit can loan depends on the appraised value. For example, if the property appraises for $100,000, Tribal Credit can loan $90,000 under the 90% loan program and $95,000 under the 95% loan program.

Do I have to live in Washington state?

Residential real estate loans are restricted to property within the boundaries of Washington state. Loans can be obtained using trust property with 100% ownership of the trust property.

How do I know if I am approved?

If the borrower is approved, they will receive a letter of approval. The letter of approval will state the approved amount, conditions of the approval and what the Real Estate Loan Officer will require in order to proceed to the next step.

Loan Terming

Terming for stick-built homes is up to 30 years or the remaining life of the home, whichever is greater. Terming for manufactured housing is up to 20 years or the remaining life of the manufactured home, whichever is greater.

Down Payments, Closing Costs and Other Requirements

Down Payment:

A down payment of either 5% or 10% is required. Down payment may be in the form of cash or equity. If qualified, you may receive down payment assistance through Colville Indian Housing Authority. Please contact Cindy Covington at 509 634-4767 for further information on the down payment assistance program.

Appraisal Fee:

All loans on trust property and loans of $25,000 or higher on fee property will require an appraisal by a certified, licensed appraiser acceptable to Tribal Credit. Loans up to $25,000 on fee property require a current tax assessment and inspection by Tribal Credit staff.

Loan Fee:

A one percent (1%) loan fee will be charged on all loans

Closing Fees:

Borrower is responsible for paying all out of pocket costs related to trust or fee property.

Taxes:

All taxes and assessments, if any, must be current at the time of closing.

Other:

Borrower will receive a specific list of requirements upon review of their loan application.

Insurance:

Borrower is required to insure the collateral for the value of the improvements. A policy or binder must be in effect at time of loan closing with Colville Tribal Credit Corporation named as loss payee or mortgagee.

Permits:

Borrower is responsible for any required permits. Borrower’s initial point of contact for permitting must be through the CCT Planning Department.

Please contact the Real Estate Loan Officer if you should have any questions at
509 634-2662.

 

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