The Native American Direct Loan (NADL) Program provides direct home loans from VA to eligible Native American Veterans to finance the purchase, construction, or improvement of homes on Federal Trust Land, or to refinance a prior NADL to reduce the interest rate.
Tour a new home built by a Native American Veteran on Cherokee land in North Carolina.
Mike Frueh, Director of VA's Home Loan Program signs
a Memorandum of Understanding for the Native American
Direct Loan Program with Joseph J. Lincoln, Jr., the Head
of the Nunakauyak Tribe in Alaska.
Read the full blog entry at this link.
The interest rate is 4.0%.
Interest rates are subject to change due to market fluctuations. VA evaluates these market trends and determines if interest rate reductions or increases are warranted.
To obtain a NADL, the law requires that:
Native American Veterans must pay a funding fee of 1.25% to obtain VA's direct loan to purchase a home. The funding fee to refinance a prior VA-loan is 0.50%. Borrowers have the option to finance the VA funding fee or pay it in cash, but the funding fee must be paid at the time of loan closing. You do not have to pay the funding fee if you are a:
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Last updated January 7, 2015