Citizen Potawatomi Nation owned Sovereign Bank wants to let Tribal members know they have a resource to help them become homeowners.
According to an article in Forbes (cpn.news/housingstats), a 2022 Housing and Financial Capability Survey found that only 52% of American Indian and Alaska Native adults own their own home, while the average for all races is 65%.
However, Tribal members do have avenues to help them become homeowners, both through the CPN Housing Department and Sovereign Bank.
“We are proud to be a bank that is 100% owned by CPN,” Matt Brown, Sovereign Bank EVP and director of mortgage, said. “We want all our Tribal members to know that we are a resource for them and that we can help them through the process.”
Brown said in addition to services such as checking and savings accounts, Sovereign Bank also offers a variety of services that can assist Tribal members in their efforts to buy a home.
“We work to tailor a plan for each specific person based on where they are now and the goals they have for their family,” Brown said.
For those who may not qualify to purchase a home right away, Brown said there are programs available to create step-by-step instructions on how to get them in a position where they will be able to buy a house.
He said he often hears customers say they will be able to buy a house after they’ve saved some money, but then are unsure of how much they need to save.
“The illustration I always use with people is that it’s really hard to win a race when you don’t know where the finish line is,” he said. “We can look at a credit report and print them off a step-by-step guide on what to focus on, what not to focus on. We can put together a plan. When I speak with our Tribal members, often they are shocked at how easy the process can actually be.”
They also have a variety of down payment assistance programs and can work with realtors to try to get closing costs paid. Sovereign Bank is also able to work with the CPN Housing Department and can match grants Housing provides.
Throughout the process, Sovereign Bank gives Tribal members direct access to the lender they are working with. The bank also has access to every major loan program and can originate loans in all 50 states, and Brown said they have customers who are Tribal members from all across the country.
“We really want them to have the understanding that we’re here as a resource for Tribal members,” Brown said. “If they don’t think they can buy a home, give us a call. If they think they can, give us a call. We can help them from literally the very beginning all the way to acquiring a home. If we are ready to move forward today, that’s great. But if not, we’ll put a game plan together to make buying their dream home a reality.”
Contact Brown at mbrown@banksovereign.com or 405-778-6500, or learn more about Sovereign Bank and the programs it provides at banksovereign.com.