All Forum Posts by: Blaine Martinez

Ya'at'eeh !

I'm glad to see other Natives on here. I haven't used the Section 184 program yet, but would like to give it a try someday!

I'm in a similar situation. Need to find a tax professional in the south Denver area 

Try searching for private financing that would allow you to hold the property long enough to get kitchens installed and then refinance with a commercial lender. 

I looked into this when I purchased my 1st house. For an individual trying to buy a home, there is a special FHA loan for Native Americans called Section 184 Indian Home Loan Guarantee Program. The program makes it easier for Native Americans to purchase a home if they are looking to buy in rural areas, on a Reservation, have an "okay" credit score, or don't have traditional W-2 income. It comes with benefits to help keep their home if they happen to fall on hard times. If market interest rates drop, the program offers a "streamline refinance" that the lender and reduce their interest rate after they made payments timely payments for a year, without having to go through an actual refinance.

For an organization looking to build, or rehab, on a reservation I believe there is the Indian Housing Block Grant Program which are federal funds that are managed & distributed by the tribe.

@Sebastian Chaco Ya'at'eeh!

From what I have seen, Albuquerque housing market has been getting pretty hot. There's a new aerospace company moving there, Intel is upgrading their facility, Facebook datacenter was just built in Los Lunas. 

Farmington and Gallup both have a growing populations which could help the rental market. From what I have seen, Farmington tends to have more economic activity and more population diversity.

@Jeff White Any idea on how long it takes to get the inspection done before being accepted as a Section 8 Landlord?

That does feel high. Do you know if your appraiser is local to Taos or are they traveling a long distance to get there? 

From what I've know, Taos residents have very extreme sets of income. Many families are either wealthy or living below the poverty line, and not much in between. If the land had access to utilities, I'm sure many families would use it as an opportunity to setup a mobile home. 

I want to give a shoutout to @Stuart Grazier and Jeff Price, at Premier Home Loans, for helping me get the financing for this condo on a tight schedule!

Thank you guys very much for working with me!

@Chris Lopez

Are Spot Approvals a different type of loan or just a different approval process for conventional mortgage?

Does it require a specific type of lender?

Thanks!