Department of Veteran Affairs reduces interest rates for Native American Veterans
RAPID CITY, S.D. (KOTA) - Native American Veterans and their spouses may want to reconsider home ownership after the VA announced they are cutting interest rates on the direct loan program from 6 percent to 2.5 percent.
This program started in 1992 and has been used to help guarantee housing for veterans. Since then, the program has expanded to include a larger block of people including Reservists and National Guard personnel who served honorably for at least six years without qualifying under the previous active duty provisions. A spokesperson for the VA says that the program has not been used to the fullest extent.
“We know that the program is underutilized so we want to conduct more outreach and encourage more native Americans to learn about these loans and apply to see if they qualify and can benefit from this assistance so that they too can improve their homes,” said Terri Tanielian, a spokesperson for the Department of Veteran Affairs.
Tanielian says this plan is set to go through 2025 and they will continue to ensure the accessibility of the programs provided.
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