Home Buyers: The HUD-184 Program Can Help you Secure a Mortgage

Dated: 09/13/2018

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Are you a member of a federally recognized Native American tribe?  Check out the HUD 184 program. Low down payment. No minimum credit score. It is designed to help Alaska Native People to achieve homeownership.

What is the HUD 184 Program?

HUD 184 is a special home loan guarantee program specifically for American Indian and Alaska Native families. Home loans under this program are 100% guaranteed by the Office of Loan Guarantee to encourage national and local banks to provide mortgage loans to Native Americans.

With this, the borrower can receive lower loan costs, lower down payments, no monthly mortgage insurance and better interest rates. It can be used for off Native lands, new construction, rehabilitation, refinancing and purchase of an existing or new home.

How do I know if I am eligible?

You are eligible and you qualify for this program if you are an American Indian or an Alaska Native and a member of a federally recognized tribe. Of course, there are others who are also eligible such as those federally recognized Indian tribes, tribally designated housing entities and Indian Housing Authorities.

Why should I use the HUD 184 program?

1. It has no income limits.

2. It offers a low down payment of only 2.25% on loans over $50,000 and only 1.25% on loans under $50,000.

3. It offers competitive rates based on market rates and not on credit scores.

4. It offers flexible underwriting where it utilizes hands-on underwriting and approval. The automated approval requires you to have a higher score while manual underwriting means lower scores will still be considered.

5. It can be used for single family homes (1-4 units) and for a primary residence and fixed-rate loans for 30 years or less.

6. It offers protection. This program monitors the fees that can be charged by their approved lenders so you are protected from predatory lending. It can also be used for Adjustable Rate Mortgages (ARMs) where interest rates are periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets.

7. It is available everywhere in Alaska. It includes tribal trust, individual allotted trust or fee simple land.

8. It assures the lender that its investment will be repaid in full in the event of foreclosure. Buyers who qualify can leverage off this protection to secure a loan and achieve home ownership.

So, do you think the HUD 184 program can work for you? For more information and assistance in Alaska area, call us so we can help! Call (907) 570-6757 or 907-720-4663. 

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Homes by Vanna

Vanna has called Alaska home for the past 15 years. As a mother, real estate investor and previous business owner, Vanna brings many different perspectives when working for her clients. She has been a....

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