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.
Eligible Borrowers: An Indian or Alaska Native who will occupy the property as a principal residence and who has met the credit and underwriting standards.
For questions or information please contact Maxine Jones, approved Broker for the Section 184 Loan Program.
A debt-to-income ratio is used to determine whether the borrower can reasonably be expected to meet the expenses involved in homeownership and provide for the family. While meeting other household obligations, a debt-to-income ratio of no more than 41 percent is generally required to qualify the borrowers. A debt-to-income ratio exceeding 41 percent may be acceptable if significant compensating factors are presented.
A borrower paying off debts under Chapter 13 of the Bankruptcy Act or making payments through a Consumer Credit Counseling plan may also qualify if:
(In order to get an approval, we must pull credit for the lender. This will be added to your closing costs. If you do not go through with the loan or it is denied, you will be invoiced for the credit report amount.) Red flags on credit and what lenders will not allow: Bankruptcy within 2 years, open collections or disputes, and unsatisfied judgments or liens. If you know you have any of these, please note. PLEASE CALL WITH THIS INFO UNLESS FAXING.
Approved Broker for the Section 184 Loan Program