In a significant drop in interest rates, the Department of Veterans Affairs signaled they were making access to housing loans more affordable for Native American veterans. The interest rate was lowered from 6 percent to 2.5 percent, a benefit for those who served in the armed forces.

For further information on Native American Direct Loans (NADL) visit HERE. Veterans Affairs helps all eligible veterans secure housing via Veterans Affairs backed loans. For further information on securing a backed loan, visit HERE. 

Formally called the VA Native Direct Loan program, it provides direct loans to veterans married to Native American non-veterans and Native Americans. Access to lower interest rates to fund a home purchase allows those approved to improve or build a home on trust land, defined HERE, or assist in buying a home. This means Native American veterans have no down payment issues, limited closing costs, and zero monthly mortgage insurance payments.

If Native Americans closed their loans on or after March 13th, they automatically get the 2.5 percent interest rate for the life of the loan. Additionally, those with a 3.5 percent interest rate or higher can refinance to obtain the lower rate. Of note is that the 2.5 percent interest rate is only available for 24 months.

For further information about the Native American Direct Loan program, the director may be reached by phone at 888-349-7541 or via email at NADL@va.gov.

If homes are outside of trust land, the program to content for Native American veterans is the VA-Guaranteed Home Loan program.

Attorney David W. Magann is a Florida veterans’ benefits attorney with extensive experience handling the legal issues that many veterans face. His offices are located in Tampa and Brandon, FL.