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Home Loans for Native Americans

Monday, February 11, 2013 - Article by: Today Lending - Message

Guide for Home Loan for Native Americans

With the ever increasing property prices, it becomes quite difficult to purchase a new home. In such situation, many home buyers look for home loans. It is the best option for those who are finding it difficult to arrange the amount required for buying a home. However, this process is not same for American Indians. This tribe needs to follow some different rules and policies imposed by the American government. This is where there has been introduction of home loan for Native Americans. This loan is suitable for the residents of American Indians and Alaska native families. Let us take a quick tour on which one can be eligible for this type of loan.

Native Americans still fall in many different categories and hence have several avenues when it comes to apply for mortgage. American Indians can face difficulties in obtaining traditional mortgage as the Federal government has established different program for home loan 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, 1% loan guarantee fee that can be added to your financed loan.

In addition to these, home loan 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 finance. This loan program improves access to capital borrowers and hence provides financing opportunities for Native American Indians and Alaska families.

Native American home loan is 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.

Purchasing a home is a lifetime investment. Hence, you can afford to make any wrong decisions and investments. In such case, it is highly recommended to seek help from the approved lenders. It is important that you should be aware of all information and policies when obtaining home loans. Contact an approved 184 loan program expert to begin the process. There are number of lenders who have established their presence online. So ensure that you take a proper time by reading guidelines about the program. You can always feel free to ask any type of questions related to home loan for Native Americans.

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