Program Search

Indian Home Loan Guarantee Program (Section 184) - Detail Verified 08/23/10 Last Updated 10/10/2008

Program Overview

Indian Home Loan Guarantee Program (Section 184) - Detail Verified 08/23/10 Last Updated 10/10/2008 is a program that provides home ownership opportunities to Native Americans, Tribes, Tribally Designated Housing Entitites (TDHEs), and Indian Housing Authorities on Indian land, through a guaranteed mortgage loan program available through private financial institutions. The property being purchased can be on Indian land or any fee-simple land in Oregon.

Who is eligible for this program?

In order to qualify for the program, you must be a Native American/American Indian in the process of buying a home that will be your primary residence. You and your family member(s) must also be enrolled in a federally recognized American Indian tribe or Alaskan Native village. No Maximum Income limits Funds can be used for: • Purchase of an existing home • Rehabilitation of existing home • Purchase and rehab of an existing home. • New Construction – Stick built or Manufactured home on foundation • Refinancing Is this program for first time buyers only? No

Property Eligibility Requirements

Tribal trust, individual allotted trust or fee simple land in an Indian operationg area. The sales price cannot exceed $150 percent of the FHA mortgage limit established for the locality. Maximum mortgage amounts are set based on an established loan-to-value ratio and the borrower’s debt to income ratio.

Benefit Details

A single, fixed-rate 30 year loan with no need for a second mortgage. Low down payment loans (2.25% for loans over $50,000 and 1.25% for loans under $50,000). No mortgage insurance premium required. Good interest rates, even for credit-challenged borrowers. Loan Limit is 150% of FHA mortgage limit for the area. The listing of mortgage limits may be obtained from www.hud.gov Benefit: Guaranteed mortgage loan program. 100% guarantee to the lender in the event of a foreclosure and claim. Loans may be assumed by a creditworthy borrower that meets program eligibility. Loan Term: May not exceed 30 years Owner Occupancy Required: Yes

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member.