PROGRAM DETAILS
The Native American Home Loan Benefit Program:
As a Native American in Oklahoma, a unique mortgage, the Section 184 loan, is available just for you as a federally recognized tribal member. Native American homeownership has historically been an underserved market and in 1992, the Section 184 Indian Home Loan Guarantee Program was created by the Housing and Community Development Act to address the lack of mortgage lending in Indian Country. The Section 184 Indian Home Loan Guarantee Program is a home mortgage specifically designed for American Indian and Alaska Native families, Alaska Villages, Tribes, or Tribally Designated Housing Entities. The program has grown to include many eligible areas, determined by participating tribes, across the country. For Oklahoma borrowers, the entire state of Oklahoma is eligible.
The land located in an eligible Indian area or Alaska Native area (as determined by the participating Tribes) may entail Tribal Trust, Allotted Trust, or fee simple.
• The section 184 loan is available in all counties in AK, AZ, CA, CO, FL, HI, ID, IN, KS, MA, ME, MI, MN, MT, NC, ND, NM, NV, OK, OR, SC, SD, UT, WA, and WI.
• The section 184 loan is available in SELECT counties in AL, CT, IA, IL, LA, MO, MS, NE, NY, RI, TX, and WY.
• The section 184 loan is NOT available in AR, DE, DC, GA, KY, MD, NH, NJ, OH, PA, TN, VT, VA, and WV.
Many people are using their Section 184 Native American loan benefit to lower their monthly payment, lower their interest rate, or purchase a home with a smaller down payment.
Authorized under the Housing and Community Development Act of 1992, the Section 184 Indian Loan Program is designed to offer home ownership, property rehabilitation, new construction, and refinance opportunities for eligible individual Native American tribal members.
A Native American mortgage offers:
- The ability to be used to purchase a home or refinance an existing home loan
- A very small down payment of only 2.25%
- Low mortgage insurance, keeping your monthly payment lower
- Generous underwriting allowances for abnormal circumstances
- A maximum loan amount of $420,680
- Low Fixed Interest Rate
- An extended 30 year term is available to keep your payments low
- Assumability
- No maximum income limit
- Any property in Oklahoma is eligible
- A no credit score underwriting option is available
