Choctaw Loan Program
The Choctaw Loan Program provides financial services in the form of loans. The purpose of the Choctaw Loan Program (CLP) is to assist Tribal members in owning/building/renovating a home, renting a home, and reaching financial health.
Contact Information
Darlene B. Willis
Director
Main Office:
601-656-0056
Rental Main Number:
601-656-5496
Physical Address:
Choctaw Shopping Center, Suite 305
Mailing Address:
P.O. Box 6002
Hours:
8:00 am -12:00 pm and 1:00 pm – 4:30 pm
Email:
dbwillis@choctaw.org
Housing, Land & Mortgage Loan
Also known as CHLMP, loans are for purchasing land and building a home on the land or to purchase a home on private property, including city, county, or tribally leased land. If not on tribal land, land must be on one of ten approved counties.
Revolving Credit
These loans are to repair, renovate, or remodel an existing home.
Maximum loan amount is $100,000.
Short-Term Loan
Short term loans are unsecured personal loans offered to MBCI Tribal members at a lower interest rate than outside loan companies. Short-term loans are for living expenses, personal expenses, emergencies, or debt consolidation. The minimum amount is $500 and the maximum amount is $3,000.
Pay Advances are also available through the short-term loan program. Pay advances are to be paid back in one or two pay periods depending on the amount.
Special Population loans are also a part of the short-term loan program. These are loans for individuals over 57 and on fixed income only. The maximum amount for the special population is $500.
Home Improvement/Debt Consolidation Loan
Loans are available for the purpose of home improvements and/or debt consolidation. The 3 types of loans available are:
- Micro Loans – loans $10,000 or less for minor home improvement projects, including home furnishings, appliances, HVAC, roof replacement, and landscaping. Excludes electronic items. Promissory note required, No credit check, no down payment, no appraisal.
- Home Equity Loans – Loans for homeowners for up to $50,000 was established for home improvement and in some cases loan consolidation. Appraisals and insurance on home are required.
Advance Pay Emergency Loan
These loans must be paid back in two pay periods through payroll deduction. They can be used for emergencies such as medical appointments. Death in the family, utilities, or necessary purchases like car tires or home appliances.
Tribal Housing Rental Program
THRP is a housing rental program. The program currently has 86 rental units, mostly in the form of Katrina cottages donated to the Tribe by FEMA. Utilizing grant funds and tribal revenue funds, THRP has begun full renovation of the cottages. Currently there are no vacant units and there is a waiting list. Individuals on the waiting list are encouraged to apply for homeownership through the Choctaw Loan Program.
Choctaw Housing Development Enterprise
CHDE provides loans to individuals who want to build a home in one of our subdivisions. There are currently seven developments: four in the Pearl River Community – River Oaks, Dogwood, Pushmataha, and Sunset Ridge – and one each in Bogue Chitto, Conehatta, and Tucker.