May 16, 2021

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Mortgage News

Special financing available for Native American tribal members

Gary Sandler

According to the New Mexico Indian Affairs Department, the Land of Enchantment has 219,237 Native Americans. Members of the 23 tribes associated with the 3 reservations and 19 pueblos within our borders make up just under 10.5 percent of the total population of our state. While many tribal members live in their respective home countries, significant numbers live in the towns, villages, and hamlets that are scattered throughout New Mexico. According to the US Census Bureau, 5,018 of these tribesmen live in Dona Ana County.

Until the early 1990s, traditional mortgage lending was not available to Native American and Alaskan tribesmen who wanted to buy homes on tribal land. To address the lack of mortgage availability, Congress passed the Housing and Community Development Act 1992 and the Section 184 Loan Program. Initially, the program only applied to loans to tribal areas. In 2005, it was expanded to include loans to tribal members living in most states, including New Mexico.