Native American Loans - Section 184 Loan program

Loan Program - Native American Loans - Section 184 Loan program

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The section 184 Loan guarantee Program was designed to help Native American Indians and Alaska Native families secure financing to purchase homes in Native American communities. Native American borrowers that qualify for the section 184 mortgage can purchase a home with a low down payment, no monthly mortgage guarnatee and flexible underwriting.

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Loan Program

Some of the benefits of the obtaining a mortgage straight through the 184 loan program are:

- 2.25% down cost requirement for loans over ,000.
- 1.25% down cost requirement for loans under ,000.
- No Monthly mortgage insurance.
- A one-time, 1% loan guarantee fee that can be added to your financed loan.
- Hud underwriters are well-known with the unique situations and circumstances complicated when obtaining financing on American Indian land.

There are numerous options for loans available straight through the Section 184 Program. Borrowers can:

- purchase an existing home.
- produce a new home (stick-built or a manufactured home on permanent foundation).
- Rehabilitate a home.
- purchase and rehabilitate a home.
- Refinance an existing mortgage (Rate and Term, Streamline, Cash-Out).

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