HUD Section 184 Native American Home Loan Program
The Section 184 Indian Home Loan Guarantee Program is a home mortgage product specifically designed for American Indian and Alaska Native families, Alaska villages, tribes, or tribally designated housing entities.
With Section 184 financing borrowers can get into a home with a low down payment and flexible underwriting. Section 184 loans can be used, both on and off native lands, for new construction, rehabilitation, purchase of an existing home, or refinance.
Benefits of Section 184 Native American Home Loan
Here are the benefits:
- Low down payment options available: 2.25% on loan over $50,000; 1.25% on loan under $50,000
- No minimum credit score required
- Utilize a hand on approach to underwriting by considering the unique circumstances of Native American borrowers
- Very low monthly mortgage insurance: a one-time upfront guarantee fee of 1.5% is paid at closing and can be financed into the loan
- No reserves requires and no income restrictions
- Closing cost can be gifted from family, the Tribe or other approved non-profit
- Seller can contribute up to 6% of the sale price toward closing costs
- Entire state of Arizona eligible for the program
Documents required for Section 184 Native American Home Loan
Here are lists of documents required:
- Current tribal enrollment card or certificate
- Drivers’ license
- Social Security Card
- Pay stubs covering the most recent 30 days
- W2 and/or 1099s for the last 2 years
- Bank Statement(s) – all pages – for the most recent 2 months
- Retirement statement(s) – all pages – for the most recent quarters or 2 months
- Federal tax returns for the last 2 years
- Others documents may be required, depending on lender
Swee Ng helped his client buying a home with HUD Section 184 Program
Wondering how much house you can afford?
Click here to access the Mortgage House Payment Calculator. Simply add in the price of the home you are considering and the calculator will return your estimated house payment. Change length of loan and interest rates to adjust results.
Swee Ng, Realtor and Phoenix East Valley resident specializing in win-win real estate transaction through great communication and fighting for his clients’ best interest. After all, this is more than real estates, this is about your life and your dreams.
If you are looking to buy or sell your home in Phoenix AZ area, we hope you will consider us. Contact us today for complimentary consultation.
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