What is the Section 184 Loan Guarantee Program?
The Section 184 Indian Home Loan Guarantee Program is a mortgage product specifically for American Indian and Alaska Native families, tribes, Alaska Villages or tribally designated housing entities. Congress established this program in 1992 to facilitate homeownership in Native American communities. List of Participating Tribes
With a Section 184 mortgage borrowers can purchase a home with a low down payment, no monthly mortgage insurance and flexible underwriting.
* 2.25% down payment requirement for loans over $50,000;
* 1.25% downpayment requirement for loan under $50,000;
* No monthly mortgage insurance
* A one-time, 1% loan guarantee fee that can be added to your financed loan
* HUD underwriters and Loan Guarantee Specialists are familiar with the unique issues and circumstances that Native Americans face when trying to obtain a mortgage in Indian Country.
The Section 184 Loan Provides You With Numerous Options to Suit Your Needs
* Purchase of an existing home
* Construction of a home (stick-built or a manufactured home on a permanent foundation)
* Rehab loans
* Purchase and rehab
* Refinancing (Rate and Term, Streamline, Cash Out)
Getting Started
To qualify for a home loan, its recommended (but it's not mandatory) that applicants first find out if there are homebuyer education classes available through their tribe, housing department and/or in their community.
Homebuyer classes prepare you for the home buying process, so that when you meet with a lender you'll have a better understanding of what it takes to qualify for a home loan.
The Section 184 Indian Home Loan Guarantee Program is a mortgage product specifically for American Indian and Alaska Native families, tribes, Alaska Villages or tribally designated housing entities. Congress established this program in 1992 to facilitate homeownership in Native American communities. List of Participating Tribes
With a Section 184 mortgage borrowers can purchase a home with a low down payment, no monthly mortgage insurance and flexible underwriting.
* 2.25% down payment requirement for loans over $50,000;
* 1.25% downpayment requirement for loan under $50,000;
* No monthly mortgage insurance
* A one-time, 1% loan guarantee fee that can be added to your financed loan
* HUD underwriters and Loan Guarantee Specialists are familiar with the unique issues and circumstances that Native Americans face when trying to obtain a mortgage in Indian Country.
The Section 184 Loan Provides You With Numerous Options to Suit Your Needs
* Purchase of an existing home
* Construction of a home (stick-built or a manufactured home on a permanent foundation)
* Rehab loans
* Purchase and rehab
* Refinancing (Rate and Term, Streamline, Cash Out)
Getting Started
To qualify for a home loan, its recommended (but it's not mandatory) that applicants first find out if there are homebuyer education classes available through their tribe, housing department and/or in their community.
Homebuyer classes prepare you for the home buying process, so that when you meet with a lender you'll have a better understanding of what it takes to qualify for a home loan.
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