HOYO
The Home of Your Own Program (HOYO) helps low income Siletz Tribal Members who wish to become homeowners. HOYO will provide single family homes on Tribal Lease land and participants will start out by leasing the home and land. Qualified participants will be able to exercise the option to purchase their home and enter an individual Tribal Land Lease at any time from six months up to three years. During the Home Lease Period, participants will strengthen their credit scores and learn about budgeting, use of credit, saving, banking and predatory lending when they complete a Financial Education course. Participants will be able to either use a Program Loan or obtain an Approved Loan for the purchase of the home. The Tribe owns the land that the homes occupy and a land lease will be required when the home conveys.
The following link outlines the policy guidelines:
Program Process for Participants
Step One: Apply
In order to get started, you must apply to find out if you qualify for the program. After submitting your application and all required documentation, a counselor will contact you to inform you of your qualification status and next steps.
Step Two: Sign Your Lease And Move-In
After you sign your lease-purchase agreement, and pay first month’s rent, you’ll get the keys to your new home! Move-in and start enjoying your new living space. Your lease period may be anywhere from 12-36 months, depending on your needs.
Step Three: Improve Your Financial Knowledge
During your lease period, you will enroll in a financial education class series. These classes will help you understand how credit works, build a budget, review your credit report and correct credit issues and design a financial action plan. Your action plan will help position you to get ready to exercise your lease option and transition into homeownership. During the lease period you will also be given the opportunity to enroll in a Home Maintenance Matched Savings Account (MSA). The purpose of the MSA will be to establish a habit of saving and help you save for home maintenance after you become the homeowner. Participants will be allowed to save during the lease period for their MSA’s. Any money you save in your MSA will be matched $1 to $1. You will be able to save up to $1000 per year in your MSA.
Step Four: Become The Homeowner
By the end of the lease period, you will have worked diligently to be able to achieve a mortgage loan. If you make all your lease payments on time, and meet the assumption guidelines, you’ll be eligible for a mortgage loan and become the homeowner. At this point, you will no longer make a lease payment, instead you will pay the mortgage payments directly. You will have all the rights and responsibilities of homeownership!