Modification Loans

The Corporation has a modification program for existing home loan clients to reduce their interest rate. Must be a MCT enrolled member to apply.

The following criteria must be met in order to be eligible:

1. Loans are eligible for this program if the new interest rate will reduce your current rate by at least 1%.
2. You must meet reasonable credit risk standards as outlined by MCT home loan standards for conventional loans and comply with HUD 184 guidelines for insured loans.
3. A new appraisal is required.
4. New renovations can be included and may be necessary to bring the home up to acceptable standards.
5. Loan amounts may be approved up to the appraised value.
6. The loan term cannot exceed the current maturity date.
7. The loan modification must be in first lien position for all loans.
8. Borrowers must be occupying the home as their primary residence and one borrower must be enrolled in The Minnesota Chippewa Tribe.
9. Appraisal fees average $500, and title fees average $200 and can be wrapped into the loan.