Section 184 American Indian Home Loan Guarantee Program

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 such as Oklahoma City.

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, and meet the requirements, Section 184 is a great product. Thanks to the low down payment requirement of 2.25% for loans over $50,000, and loan amounts 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.

You are eligible to applyfor the loan if you are a member of any of the Federally recognized tribes in Oklahoma. Those include the following:

Absentee-Shawnee Tribe of OK	Ponca Tribe of OK	Chickasaw Nation	Kialegge Tribal Town
Cherokee Nation of Oklahoma	Sac and Fox Nation of Oklahoma	Comanche Indian Tribe	Iowa Tribe of Oklahoma
Choctaw Nation of Oklahoma	Otoe-Missouria Tribe of Oklahoma	Wichita and Affiliated Tribes	Miami Tribe of Oklahoma
Citizen Potawatomi Nation	Kaw Nation	Kiowa Tribe	Quapaw Tribe
Apache Tribe of Oklahoma	Pawnee Tribe of Oklahoma	Seminole Nation Oklahoma	Delaware Nation
Muskogee Creek Nation	Alabama Quassarte Tribal Town	Peoria Tribe of Oklahoma	Osage Tribe

Some of the benefits of Section 184 loan are:

Available on tribal trust, individual allotted trust or fee simple land in an Indian Operating Area .
Low down payment of 1.25% to 2.25% based on the lower of the appraised value or cost to acquire the home.
Refinance eligibility.
The maximum loan is 150% of the FHA mortgage limit subject to appraised value and down payment requirements.
1% financeable guarantee fee at closing (no private mortgage insurance or monthly MIP). It is the lowest cost of any government guarantee or conventional insurance program in Indian country. There is no monthly premium for a 184 loan.
Eligibility includes: New construction, rehabilitation, and purchase of an existing house.
One qualifying ratio: 41% total debt to gross income ratio which can be exceeded with compensating factors.
Single close construction (permanent) loan where only one closing is required. Monthly mortgage payments begin after closing. At closing the amount allocated for construction or rehabilitation plus a 5-10% contingency and up to 6 months mortgage payments are placed in an escrow account and are drawn down as the work is satisfactorily completed.
100% guarantee to the lender in the event of a foreclosure and claim.
Loans may be assumed by a creditworthy borrower that meets program eligibility.

Call Jolynn to find out today how you can begin the steps to home ownership!

Section 184 American Indian Home Loan Guarantee Program

Absentee-Shawnee Tribe of OK

Ponca Tribe of OK

Chickasaw Nation

Kialegge Tribal Town

Cherokee Nation of Oklahoma

Sac and Fox Nation of Oklahoma

Comanche Indian Tribe

Iowa Tribe of Oklahoma

Choctaw Nation of Oklahoma

Otoe-Missouria Tribe of Oklahoma

Wichita and Affiliated Tribes

Miami Tribe of Oklahoma

Citizen Potawatomi Nation

Kaw Nation

Kiowa Tribe

Quapaw Tribe

Apache Tribe of Oklahoma

Pawnee Tribe of Oklahoma

Seminole Nation Oklahoma

Delaware Nation

Muskogee Creek Nation

Alabama Quassarte Tribal Town

Peoria Tribe of Oklahoma

Osage Tribe

Loan Types

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