REFINANCE
Buying a Home with a Section 184 Native American Mortgage:
It's Easy to Refinance with a Section 184 Native American Loan:
It’s never been easier to refinance using your Section 184 Native American Home Loan Mortgage benefit. The refinance process allows you to lower your monthly payment, improve your interest rate, or take cash out of your home. In many cases, your refinance loan can be structured so you will have little or no out of pocket expense. Eligible applicants use the Section 184 Native American Mortgage to refinance a home because it offers higher maxiumum loan to values, a larger loan amount limit of $420,680, flexible underwriting, reduced mortgage insurance premiums and great rates! This loan can be used to purchase or refinance a primary residence.
The 3 most common types of Section 184 Native American Loan refinances:
Other loan to Section 184 Native American Loan Refinance
Did you know that if you currently have a Conventional, FHA, VA, or Rural Development loan you are eligible to refinance that loan using your Section 184 Native American Loan benefit? Many borrowers do this to remove the expensive monthly mortgage insurance that they are forced to pay on their current loan or to decrease their payments by using the lower Section 184 Native American Loan interest rate.
Native American Loan to Native American Loan Streamline Refinance
The Section 184 Native American Loan Streamline is a refinance program designed to get you a lower rate or reduce the term on your current Section 184 Native American Loan without an extensive qualification process. Simply put, the typical refinance process is streamlined and the process becomes quick and easy. It uses your original paperwork from your original loan so an abundance of new documentation is generally not needed. You may also have the option of rolling the closing costs into your new loan balance, which is a way to reduce or eliminate your out-of-pocket expenses.
The Section 184 Native American Loan Streamline Refinance can be completed without a property appraisal when the proposed new mortgage amount (payoff, HUD funding fee, closing costs and prepaids) does not exceed the original loan amount. If the new mortgage amount exceeds the streamline limit, a borrower may use an appraisal to justify a higher final loan amount. This can be done only when the original mortgage is over 12 months old.
Cash out Refinance
This is a special opportunity for you to refinance your existing mortgage into a Section 184 Native American Loan and access your home's equity to finance your needs. The Section 184 Native American Loan allows you to get money out of your home and use it for anything you want, up to 85% of your current loan-to-value. Use your equity to consolidate debt, make home improvements to increase the value of your home, pay for college tuition, pay off high-interest credit cards, or simply to have more cash on hand.
The Native American Home Loan Refinance Advantage
- Maximum loan to value of 97.75% (85% for cash out refinances)
- Maximum loan amount of $420,680
- Compared to many other loan programs, the monthly mortgage insurance is significantly less
- Lower your interest rate and your monthly payment with a predictable fixed interest rate
- Section 184 Native American Refinance Loans do not have a pre-payment penalty
- A Section 184 Native American Loan is easier to qualify for than a conventional mortgage loan
- No or low out of pocket expense option
- A Section 184 Native American Loan can be assumed when you go to sell
- Section 184 Native American Loan rates are comparable or lower than conventional loan interest rates
- Fast and no hassle
- No appraisal option for streamline refinances
- Reduced paper work for streamline refinances
- Save thousands throughout the course of your mortgage
