PMI Mortgage Insurance Co. announced it would increase its commitments to insure low-down-payment mortgages for members of American Indian tribes to $65 million, from $35 million.
The commitments are related to agreements PMI made or is negotiating with the Chickasaw Nation, the Choctaw Nation of Oklahoma, Citizen Potawatomi, and the Cherokee Nation.
PMI also announced Friday that it has opened negotiations with two New Mexico Indian tribes about issuing multimillion-dollar mortgage insurance commitments.
Under the Native American mortgage insurance initiative, PMI agrees to insure loans that require as little as 1% down and have flexible underwriting guidelines.
PMI also announced a $25,000 grant to the National American Indian Housing Council to develop a homeownership education course.