Home Finance Department


Your source for home loan solutions

The Housing Authority of the Choctaw Nation is committed to helping you find the right mortgage product for your needs. We understand that every borrower is different, and we offer a variety of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.

Please visit our Resources Section below to find links to websites with helpful information regarding the homebuying process.  The Keys To My Home website offers a step by step guide to obtaining a home loan and maintaining homeownership.

You will be given a list of the necessary items we will need to further process your loan application.  It is important that you send these items as soon as you submit your loan application to us so that we can process your application in a timely manner.  You will need to PRINT your application and sign it and mail it with the needed documentation.

If you are interested in refinancing your current home in Texas, please give one of our loan officers a call for program guidelines.  If you are interested in purchasing a mobile home, please give one of our loan officers a call for program guidelines.

If you are interested in a home loan outside the state of Oklahoma, please give us a call to discuss our lending service requirements.

As always, we are available to help you with any questions you may have.  Please give us a call to discuss your particular home loan needs.

Contact the Housing Authority of the Choctaw Nation to find out more about the products and services we can provide. Please feel free to contact any of our qualified personnel with any questions on the loan process. Our Loan Officers will be glad to answer any questions you may have about the loan process or about the programs we have to offer. Contact info: Leah Williams, [email protected]


The Housing Authority of the Choctaw Nation offers a variety of loan programs to meet your needs. 

Click here for Facts & Questions

Choctaw Homebuyer's Advantage Program (CHAP)

For Choctaw Tribal Members who live nation-wide. No Income Guidelines. Borrower is approved for loan based on credit and income to support debt and payments. The loan application is processed by the Housing Authority of the Choctaw Nation Home Finance Department and then sent to the mortgage lender for final approval and closing.  Please give us a call if you are located outside of Oklahoma for individual state requirements. Some loan products are not available in all states.

Downpayment/Closing Costs Assistance

The Choctaw Home Finance Corporation assists Tribal Members with a second mortgage to help with the down payment and closing costs associated with the purchase of a home if allowed by your specific loan program and your participating lender guidelines. The amount of assistance is dependent on the cost of aquistion and/or appraised value of the home you are purchasing.

We would require a pre-approval with the lender and a copy of the Good Faith Disclosure detailing the terms and cost of the loan.

Term: 5 years  

Revolving Loan Fund (RLF)
Members of a Federally Recognized tribe who live within the Choctaw Nation Servicing Area and whose income is 80% and below the national median income limits. Any questions regarding the national median income limits can be addressed to the Home Finance Department. This program can be used to purchase, refinance, construction or rehab to current home.

Term: 30 years  

Preference given to Choctaw Tribal Members.


Keys To My Home

Home Loan Learning Center

This site provides step-by-step information on how to become financially literate.

Homebuyer Education by Freddie Mac

Freddie Mac is a publicly held corporation chartered by Congress to increase the supply of funds that mortgage lenders, such as commercial banks, mortgage bankers, savings institutions and credit unions, can make available to homebuyers and multifamily investors. This Freddie Mac site offers a step-by-step tutorial on the home buying decision process and the mortgage application process.


Use this information and forms in the homebuying process

Fannie Mae 

Fannie Mae is a provate, shareholder-owned company that works to make sure mortgage money is available for people in communities all across America.

Uniform Residential Loan Application (1003)

A blank mortgage application form that you can print.

United States Postal Service Official Movers Guide

What happens after you complete the purchase process? This U.S. Postal Service site provides all kinds of tools and tips to help make the moving process easier.

Federal Reserve Board Consumer Information

The Federal Reserve Board maintains a web page with consumer information, including a section on home mortgages. The section covers topics such as finding the best mortgage and understanding ARMs.

Mortgage Bankers Association of America Consumer Information

The Mortgage Bankers Association of America is the preeminent association representing the real estate finance industry. Their consumer information site contains several tools and guides to aid in purchasing or refinancing a home.

U. S. Department of Housing and Urban Development – Buying a Home

U. S. Department of Housing and Urban Development website provides extensive information about buying a home including affordability, borrower’s rights, tips and tricks for shopping for a loan, and details about different home buying programs including FHA loan programs and other special programs.

Facts & Questions


Q:How do I know how much house I can afford?

A:Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford.


Q:What is the difference between a fixed-rate loan and an adjustable-rate loan?

A:With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.


Q:How is an index and margin used in an ARM?

A:An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).


Q:How do I know which type of mortgage is best for me?

A:There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. The Housing Authority of the Choctaw Nation can help you evaluate your choices and help you make the most appropriate decision.


Q:What does my mortgage payment include?

A:For most homeowners, the monthly mortgage payments include three separate parts: 

Principal: Repayment on the amount borrowed

Interest: Payment to the lender for the amount borrowed

Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.


Q:How much cash will I need to purchase a home?

A:The amount of cash that is necessary depends on a number of items. Generally speaking, you will need to supply:

Earnest Money: The deposit that is supplied when you make an offer on the house

Down Payment: A percentage of the cost of the home that is due at settlement

Closing Costs: Costs associated with processing paperwork to purchase or refinance a house

Contact Us

♦Contact Us♦

Address & Driving Directions:
207 Jim Monroe Road, Hugo, OK 74743  

Voice: 580-326-7521 or (800) 235-3087

Fax: 580-317-9610

Email: [email protected]