Thinking of buying a home this year? Then think about looking into the HUD 184 Loan Program. This federal program offers housing opportunities for Alaska Native and American Indian people and eligible tribal entities.
According to the U.S. Department of Housing and Urban Development (HUD), the unique status of Indian lands being held in trust means that Native American home ownership has historically been an underserved market. The HUD 184 Loan Program was established to increase access to capital for Native American people and provide funding opportunities for tribal housing agencies.
A HUD 184 loan is often the best mortgage loan available to Native American people because it requires a low down payment of 2.25 percent, as well as the lowest mortgage loan guarantee cost available.
These loans, which are guaranteed by the Office of Loan Guarantee within HUD’s Office of Native American Programs, can be used for new construction, rehabilitation, purchase of an existing house and refinancing, including “cash out” refinancing. Under this program, new construction can be financed with a “single close” loan that provides permanent guaranteed financing before construction begins. There are no income limits and no limits on gifts to the borrower to assist with the down payment or other loan costs.
To qualify for this loan, applicants must have sufficient income to pay the loan back and show they have a good credit history; the property being purchased must meet loan standards; and the borrower must provide documentation of membership in a federally recognized Indian tribe or corporation formed pursuant to the Alaska Native Claims Settlement Act.
For more information, or to apply for a HUD 184 loan, contact Cook Inlet Lending Center at (907) 793-3058 or info@cookinlethousing.org.
