WASHINGTON, D.C. (WJMN) – The Department of Veterans Affairs announced today that it has lowered the interest rate for VA Native American Direct Loans (NADL) from 6 percent to 2.5 percent.
Through this program, the VA provides direct loans to Native American Veterans, and to veterans who are married to Native American non-Veterans, to help buy, build or improve a home on trust land. In Michigan, this includes Bay Mills Indian Community, Grand Traverse Band of Ottawa and Chippewa Indians, Keweenaw Bay Indian Community, and Little Traverse Bay Band of Odawa Indians.
“We know historically that our Native American Veterans have faced difficulties in accessing some of the benefits that they’ve earned from the Department of Veterans Affairs,” said Terri Tanielian, Special Assistant to President Biden for Veterans Affairs. “And so, we are working to make these programs more accessible and to really help, again, provide the tools and resources that our Native American Veterans may need to gain access to housing.”
According to the VA, these loans give Native American Veterans the opportunity to obtain housing with no down payments, limited closing costs, and no monthly mortgage-insurance costs. The 2.5 percent interest rate is effective as of March 13 and will be available for no more than 24 months.
Native American Veterans who are interested in the NADL program can contact an NADL coordinator by emailing NADL@va.gov or by calling 888-349-7541. Click here to learn more about the NADL program and to see if you qualify.