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Referred Primerica Rep ID: CQT1D, Kimberly Tsosie

History:

The Department of Navajo Veterans Affairs implemented and is managing a Veterans Loans Program. In previous years, the Loan Program was under Navajo Nation Credit Services.

Purpose:

To provide personal loans to qualified Navajo Veterans of Armed Forces, Surviving Spouse of Navajo Veterans and Gold Star Mothers who demonstrate credit worthiness with the ability to repay the loan in accordance with the loan terms.

Policy and Authority:

All loans made from the Veteran Loan Program shall be processed and managed according to operating policies and guidelines approved by the oversight committee and administered in accordance with all applicable laws, rules and regulations. DNVA has the responsibility to administer accounting and collection services.

Eligibilty Determination:

1. Veteran must have DD214 showing a Honorable or other than dishonorable discharge;
2. Veteran must be an enrolled member of the Navajo Nation
3. Married Veterans, who is at least the age of 18 years of age, or Gold Star Mothers may apply with proper documentation
4. Veteran must have DD214 showing a Honorable or other than dishonorable discharge;
5. Veteran must be an enrolled member of the Navajo Nation
6. Married Veterans, who is at least the age of 18 years of age, or Gold Star Mothers may apply with proper documentation
7. Veterans must be employed full time for 2 consecutive years or more; Veterans employed by the Navajo Nation or its entities will have mandatory payroll deduction to secure the repayment of the loan.
8. Veterans on a fixed income, i.e. Social Security, monthly pension, or other fixed benefit or payment, must provide supporting documentation of such income; and have a co-signer.
9. Self-employed Veterans must provide a 3 year history of financial stability
10. A copy of billing statement of address of residence (Electric, Satellite TV, Phone, Insurance statements, etc.)
11. Applicants’ debt-to-income ratio shall not exceed seventy percent (70%), including the estimated loan payments.
12. Temporary, seasonal employees and other applicants not meeting the criteria above are required to secure a qualified co-signer or provide collateral.

Loan application and evaluation process:

1. Loan requests shall be made on the Veterans loan application and completed n accordance with the application requirement checklist (attached to the Application). All applications shall include an authenticated copy of the Veterans discharge papers, DD-214 or other proof of military service.
2. The loan officer shall evaluate the application and determine eligibility or ineligibility. Credit decisions will be considered based on the credit worthiness and credit risk of the applicant(s).
3. The applicant(s) will be notified of the approve loan and will be closed according to scheduled appointments.
4. Applications from appointed officials, or judges of the Navajo Nation, shall be supported by a notarized “Certificate of Ethical Clearance”. 
5. False information or knowingly concealing of material facts shall be grounds for automatic disqualification

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