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184 Loan Program
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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.
With Section 184 financing you can get into a home with a low down payment, no mortgage
insurance and flexible underwriting.
If you are a potential homebuyer, Section 184 is a great product - thanks to the
low down payment requirement of 2.25% for loans over $50,000. If your loan amount
is under $50,000 your down payment is 1.25%. Also, you don't have to pay a mortgage
insurance premium each month. Instead, a one-time, 1% loan guarantee fee can be
added to your final loan amount. Tribal Building Solutions can recommend underwriters andLoan Guarantee Specialiststhat are familiar with the
unique issues and circumstances that Native Americans face when trying to get a
mortgage in Indian Country. The Section 184 Loan Provides You with Numerous Options
to Suit Your Needs
- Purchase of an existing home
- Single-close construction loans for a stick-built or a manufactured home on a permanent
foundation
- Rehab loans
- Purchase and rehab
- Benefits of the Section 184 Loan Guarantee Program
Benefits of the Section 184 Loan Guarantee Program
For instance, if you've outgrown your current home and are looking to add on an
additional room or make improvements, Section 184 financing gives you the option
of paying off your old loan and combining it with a rehab loan. The key point to
remember is that this is a loan product.
Getting Started
To qualify for a home loan, we recommend (but it's not mandatory) that you first
find out if there are any homebuyer education classes that you can attend.
Homebuyer classes prepare you for the home buying process, so that when you go in
to meet with a lender you'll have a better understanding of what it takes to qualify
for a home loan.
Meeting with a Lender
To get a loan, you must apply with a HUD-Approved Section 184 lender Program Overview
Homeownership for Native Americans
In 1992, Congress established the Section 184 Indian Home Loan Program. The program
was designed to offer homeownership and housing rehabilitation opportunities for
eligible Native American individuals, families, tribes and tribally designated housing
entities (including Indian Housing Authorities) on their native lands and within
an approved Indian area.
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