About ITMO

ITMO (short for "Indian Tribe Mortgage") is down payment Loan program offered through the Lower Brule Sioux Tribe. The Lower Brule Sioux Tribe is a sovereign nation defined by its government-to-government relationship with the United States; as part of the Great Sioux Nation, the Tribe signed treaties in 1824, 1851, 1865 and 1868 with the federal government that constitute the legal documents establishing boundaries and recognizing the rights of sovereign tribal governments.

The Tribe was chartered under the Indian Reorganization Act of June 18, 1934. Its constitution was ratified on July 11, 1936, and bylaws were approved in 1960. The Tribe has contracted several aspects of self-government under the 1975 Indian Self Determination and Education Assistance Act, PL 93-638.

ITMO is a silent second loan that requires no monthly or amortized payments. The principal amount plus interest accruing at an annual rate of three percent (3%) becomes due upon sale, refinance, or transfer, whichever comes first, or is forgiven if none of these events occur within the first seven years of ownership. In addition, if fifty percent (50%) of the ITMO Loan is repaid within eighteen (18) months from the purchase date, then the remaining 50% of the ITMO Loan is forgiven. The ITMO Loan will subordinate to first mortgage and the ITMO Loan lien will always be in the second position on the property.

ITMO borrowers receive ongoing home retention assistance from a Home Retention Entity (described below). The Home Retention Entity assists program participants to remain in their homes while increasing the credit quality of ITMO Loans which is essential to the continued availability of the program.

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