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Home Loans for Native Americans

Friday, February 8, 2013 - Article by: Today Lending - Message

Information on Home Loans for Native Americans

Thinking of buying a new home for a life time investment? Are you confused from where you can garner reliable information about a home loan for Native Americans? If yes, then sit back and relax. You are on the right page from where you can get reliable information about the Native Americans and Alaska tribe. Every first time buyer needs to consider one thing carefully - the budget limit or the buying capacity. Depending on this parameter, you can get in touch with the approved lenders in order to buy your dream house. Home loans for Native Americans are slightly different for traditional loans.

Native Americans still fall in many different categories and hence have several avenues when it comes to applying for a mortgage. American Indians can face difficulties in obtaining traditional mortgage as the Federal government has established different program for home loans for Native Americans. This is where 184 loans guarantee program was designed to help Native American Indians and Alaska families. When purchasing this loan, a person should provide a low down payment, no monthly mortgage insurance and flexible underwriting. The section 184 loan program offers several benefits. For instance, a borrower can expect 2.25% down payment requirement for loans over $50,000 and 1.25% down payment for loans under $50, 000. There is no monthly mortgage insurance. A one-time borrower can expect a 1% loan guarantee fee that will be added to your financed loan.

In addition to these, home loans for Native Americans can acquire several benefits through the section 184 loan program. Borrowers can purchase an existing home, construct a new home, purchase and rehabilitate a home and refinance an existing mortgage. The 184 loan program is specific to Native American because of the difficulty and unique situations that borrowers can experience when obtaining financing. This loan program improves access to capital borrowers and hence provides financing opportunities for Native American Indians and Alaska families.

Native American home loans are kept open to all tribal members. The American Indian or an Alaska native who is an enrolled member of a federally recognized tribe will benefit from this. To apply for section 184 home loans, you must be eligible based on HUD program guidelines. There are many intricacies when it comes to obtain loan for specific category. This is where you should look for approved lenders who can assist and guide to in obtaining finance for your new home and specific information about the program.

Taking all these parameters into consideration, it is important for a buyer to know about the section 184 loan program. This section was designed keeping in mind the difficulty an American Indian has to go through on the Indian land. All you need to do is to get in touch with an approved 184 section lender to enjoy wonderful benefits. The lenders are well experienced in providing the right guidance for their customers. They will provide you every minute detail about the program so that obtaining finance for home loan for Native Americans is easy. So what are you waiting for? Conduct an online search to find a reputed and approved lender now.

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