Loans - Four Directions Development Corporation

FOUR DIRECTIONS DEVELOPMENT CORPORATION WANTS TO CONNECT YOU WITH THE FUNDING YOU NEED TO REACH YOUR GOALS, WHETHER YOU WANT TO FIX UP YOUR HOUSE OR START A NEW BUSINESS!

Housing Lending

Our housing lending programs are here to help you find the house of your dreams or just to help you learn more about how you can save up for a house. Through a nonprofit revolving loan pool and with resources to help you understand purchasing a home loan, the types of mortgages, and finding assistance for down payments and loans, Four Directions Development Corporation can help you become a homeowner!

Due to the large geographic area in which FDDC makes loans, it is always best to call ahead and schedule an appointment for more information regarding FDDC lending.

Home Loan Purchase

FDDC offers multiple home lending options to help you get you into the home of your dreams! With standard and Section 184 mortgages to choose from, we have the resources, information, and services you need to obtain a home loan and close on your new house!

Down Payment Assistance

Don’t let the fear of a large down payment stop you from purchasing a new home! FDDC is proud to offer down payment assistance to eligible Maine tribal members, funded through the Wells Fargo Foundation. Eligible homeowners will receive $5,000 toward their down payment on their new home loan. Eligible applicants must be low-income households (at 80% or below the current median household guidelines for the State of Maine). Approved applicants are expected to complete a homebuyer education workshop and enroll for the Financial Capabilities Counseling prior to receiving these funds.

Types of Mortgages

You can choose from either a Standard Mortgage or a Section 184 Mortgage. A standard mortgage might be right for you if you are purchasing a new construction, a home purchase, or if you are refinancing your home (including mobile and modular homes!). Homebuyer Education workshops are required for first-time home buyers (meaning you have not purchased or financed a home within the past three years). If you’re interested in purchasing an energy efficient home, ask us about our mortgages that can be used to purchase Energy Star or LEED certified homes!

A Section 184 mortgage can be used on the purchase or refinance of a house, mobile home, or modular home and homebuyer education courses are required for first-time buyers. Section 184 mortgages come with additional qualifications, including:

No late payments on any accounts in the past 12 months
Collection accounts must be paid in full 12 months prior to application
Borrower must have two full years of employment history, with no gaps.

Home Improvement Loan

Have expensive fixes to make around the house? Don’t worry about how you’ll pay for them! Home Improvement Loans can be secured on either first or second lien, and can be used for safety, accessibility, and comfort enhancements around your home! If you’re looking to make energy efficient upgrades, FDDC also offers loans to improve your home’s heating and cooling systems, as well as reduce associated costs!

Credit Builder Loan

Need to break out from predatory loans or collections? Rebuild your credit with a Credit Builder Loan! FDDC’s Credit Builder Loan (CBL) is a short-term (24 month maximum) unsecured loan of up to $3,000 that is coupled with financial counseling during the duration of your loan period.

If you are interested in applying for a loan or would like more information about our programs, please contact us today by calling (207) 866-6545. We can’t wait to help you achieve your financial goals!

Small Business Lending

If you are a Native entrepreneur looking to start or grow your business, we have the lending resources you need to enhance your offerings and sustain your business.

We want to help your business thrive. We want to see the proliferation of Native-owned businesses across Maine and ensure that your business receives the support and resources it needs to succeed in the current business landscape. We want to move Native businesses forward!

Technical Assistance

Four Directions Development Corporation is proud to offer the business services you need to start or grow your business in Maine. We provide assistance with developing business plans, improving personal credit, creating a marketing plan, and creating financial projections. We can help you learn more about the technical aspects of owning a business to help your business grow and meet its goals!

Small Business Loans

Do you have a business on or off-reservation? FDDC is proud to offer loans to help Native-owned small businesses and entrepreneurs cover operating expenses, equipment, vehicles, and commercial real estate. Small business loans have a maximum amount of $250,000 and are offered at affordable rates with flexible terms. Inquire now to learn more about requirements and terms!

Interested in applying for a loan? Want to learn more about how to start or grow your Native-owned small business? Contact Four Directions today!

Community Development Lending

Four Directions strives to improve Tribal communities’ facilities and programs and is proud to offer lending opportunities focused on directly benefiting these communities.

housing development

Tribal governments, nonprofits, and tribal enterprises can work with Four Directions for financing that fits your real estate pre-development, construction costs, infrastructure, and working capital needs for:

Single-Family Housing Development
Multi-Family Housing Development
Elder Housing
Community Facilities
Business Ventures

community facilities

Our Community Development advisory services can be tailored to your project. We can help you examine the legal, financial, managerial, market, and risk factors in your housing, community, or business project. We can connect you to experts in market research, feasibility studies, project or business planning, and organizational structure.

DUE DILIGENCE

Getting objective and reliable information for tribal projects is crucial for success. We can assist in conducting due diligence to examine business performance, company structure, and background checks and references.

FINANCIAL PACKAGING

We help identify federal, state, and private sources of capital, including New Markets Tax Credits and Low-Income Housing Tax Credits, and HUD, USDA, and CDBG programs for community development projects. We can assist you to attract private financing partners, such as banks and investors.