Section 184 Indian Home Loan Guarantee Program

What is the Section 184 Loan Guarantee Program?

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. Section 184 loans can be used, both on and off native lands, for new construction, rehabilitation, purchase of an existing home, or refinance. Because of the unique status of Indian lands being held in Trust, Native American homeownership has historically been an underserved market. Working with an expanding network of private sector and tribal partners, the Section 184 Program endeavors to increase access to capital for Native Americans and provide private funding opportunities for tribal housing agencies with the Section 184 Program.
To help increase Native access to financing, the Office of Loan Guarantee within HUD’s Office of Native American Programs, guarantees the Section 184 home mortgage loans made to Native Borrowers. By guaranteeing these loans 100%, we encourage Lenders to serve the Native Communities. This increases the marketability and value of the Native assets and strengthens the financial standing of Native Communities.
Section 184 is synonymous with home ownership in Indian Country. As of 2010, the Section 184 program has guaranteed over 12,000 loans (almost $2 billion dollars in guaranteed funds) to individuals, Tribes, and TDHEs.

Map of guaranteed loans to date by state

The program has grown to include eligible areas, determined by participating tribes, across the country.

Map of eligible areas by state where the 184 loan can be used

Please visit www.hud.gov  to get futher information.

Frozen Key Lime Pie

USDA HOME LOANS IN OKLAHOMA

Single Family Housing Loan Guarantees (Section 502)

Section 502 loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities. Eligibility: Applicants for loans may have an income of up to 115% of the median income for the area. Area income limits for this program are available by clicking here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must be unable to obtain credit elsewhere, yet have reasonable credit histories. Approved lenders under the Single Family Housing Guaranteed Loan program include: Any State housing agency; Lenders approved by: HUD for submission of applications for Federal Housing Mortgage Insurance or as an issuer of Ginnie Mae mortgage backed securities; the U.S. Veterans Administration as a qualified mortgagee; Fannie Mae for participation in family mortgage loans; Freddie Mac for participation in family mortgage loans; Any FCS (Farm Credit System) institution with direct lending authority; Any lender participating in other USDA Rural Development and/or Consolidated Farm Service Agency guaranteed loan programs. Terms: Loans are for 30 years. The promissory note interest rate is set by the lender. There is no required down payment. The lender must also determine repayment feasibility, using ratios of repayment (gross) income to PITI and to total family debt. Standards: Under the Section 502 program, housing must be modest in size, design, and cost. Houses constructed, purchased, or rehabilitated must meet the voluntary national model building code adopted by the state and RHS thermal and site standards. New Manufactured housing must be permanently installed and meet the HUD Manufactured Housing Construction and Safety Standards and RHS thermal and site standards. Existing manufactured housing will not be guaranteed unless it is already financed with an RHS direct or guaranteed loan or it is Real Estate Owned (REO) formerly secured by an RHS direct or guaranteed loan. Approval: Rural Development officials have the authority to approve most Section 502 loan guarantee requests. all information above should be confirmed by your lender and HUD

13901 Sauna Ln

13901 Sauna Ln

987 Sunflower Dr

987 Sunflower Dr

601 NW 114th St.

601 NW 114th St.

Daily Real Estate News

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