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| Choctaw Homebuyer's Advantage Program (CHAP) |
| Downpayment/Closing Costs Assistance |
| Revolving Loan Fund (RLF) |
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Choctaw Homebuyer's Advantage Program (CHAP)
For Choctaw Tribal Members who live nation-wide. No Income Guidelines. Borrower is approved for loan based on credit and income to support debt and payments. The loan application is processed by the Housing Authority of the Choctaw Nation Home Finance Department and then sent to the mortgage lender for final approval and closing. Please give us a call if you are located outside of Oklahoma for individual state requirements. Some loan products are not available in all states.
Maximum Amount: $322,700
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Downpayment/Closing Costs Assistance
The Choctaw Home Finance Corporation assists homeowners with a second mortgage to help with the down payment and closing costs associated with the purchase of a home if allowed by your specific loan program and your participating lender guidelines. The amount of assistance is dependent on the cost of aquistion and/or appraised value of the home you are purchasing.
We would require a pre-approval with the lender and a copy of the Good Faith Disclosure detailing the terms and cost of the loan.
Term: 5 years
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Revolving Loan Fund (RLF)
Members of a Federally Recognized tribe who live within the Choctaw Nation Servicing Area and whose income is 80% and below the national median income limits. Any questions regarding the national median income limits can be addressed to the Home Finance Department. This program can be used to purchase, refinance, construction or rehab to current home.
Term: 30 years
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| | | Preference given to Choctaw Tribal Members. |
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $322,700 with closing costs of $6,454. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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