The Section 184 Loan Program is designed to provide access to mortgage financing for Native American and Alaska Native tribal members. Section 184 home loans are guaranteed 100% by the Office of Loan Guarantee within HUD's Office of Native American Programs.
To qualify for a Section 184 loan, at least one borrower must be an enrolled member of a federally recognized tribe
Why Should I Use the Section 184 Loan
Advantages to using the Section 184 loan:
- Low Down Payment: 2.25% on loans over $50,000.
- Low Interest Rates: Based on market rates, not applicants credit scores.
- Manual Underwriting: The program utilizes a flexible hands-on approach to underwriting and approval.
- Section 184 Upfront Guarantee Fee Annual Mortgage Insurance: A one-time up front guarantee fee is paid at closing and can be financed into the loan. In addition, loans with a loan value of 78% or greater will be subject to a small monthly mortgage insurance premium.
- Protection From Predatory Lending: The program monitors the fees approved lenders can charge Native borrowers. Section 184 loans cannot be used for Adjustable Rate Mortgages (ARM's).
- Knowledgeable Staff: Our staff understands the unique circumstances associated with lending on Native Lands and we work with borrowers to achieve home ownership and avoid default and foreclosure.
- Purchase existing home
- Construct new home
- Rehabilitate a home
- Purchase and Rehabilitate home
- Refinance home