Who is eligible for a Section 184 Loan?
The Section 184 Indian Home Loan Guarantee Program is a straightforward process. For any problems you might encounter, we’ve made this resource page. Please feel free to contact us at 866-235-4033 if you have any questions or concerns.
What are the Benefits of Section 184 loans?
- Low Interest Rates: based on the market, not the applicant’s credit score
- Low Down Payment: 2.25% on loans over $50,000
- No Monthly Mortgage Insurance: Simply pay a one-time up front 1% guarantee at closing. It can be financed into the loan as well.
- Safe: All Section 184 loans are reasonable and affordable, with reviewed fees and structured appropriately.
- Steady: Although America has seen a drop in mortgage lending; Section 184 loans, since they are guaranteed by the Federal Government, have stayed healthy and productive.
- Experienced Staff: We’ve over eighty years experience between our staff, with thousands of successful Section 184 loans approved.
Who is Eligible?
Section 184 Home Loan Guarantee is reserved for members of Native American and Alaskan tribes, so to receive a Section 184 loan you must be an enrolled member of a Federally Recognized Tribe. Verification or tribal enrollment will be necessary upon application for a Section 184 loan. Enrollment decisions are made solely by the tribal government. Typically your tribe will provide a card or a letter proving your enrollment status.
A list of currently participating Tribes can be downloading as a PDF here.
Where is the Section 184 Eligible?
The participating Tribes are allowed to determine where Section 184 is Eligible. Section 184 is state wide in some, while in other states it’s limited to specific counties.
Check out this graph to see which states are eligible and the number of Section 184 loans each state has guaranteed here.
Education
Home buying is an important step in life, and it’s a great idea to be as prepared as possible. There are home buying classes and counseling sessions available in nearly every state. Check out the list here.
Understanding all the necessary steps of loan approval also helps expedite the loan approval process, and some Tribes even reward financial assistance to those who attend.
For Frequently Asked Questions please visit our contact page here, or feel free to call us at 866-235-4033
or call 866-235-4033
Loan Facts you should know:
- You must be an enrolled member of a federally recognized tribe to qualify
- Your home can be on or off the reservation (within approved areas)
- Downpayments are as low as 1.25% - 2.25%
- Gifts and tribal assistance are permitted
- Regular 30 yr fixed interest rates available
- No hidden terms or fees
- Common sense approval process
- No Monthly Mortgage insurance
- Only a 1% guarantee fee to the government
- Doublewide and modular homes allowed
- Cash out refinance to 85% loan to value
- New construction and renovation allowed
- In-house loan approvals and funding