Aurora Native American Home Loans

The HUD 184 Native American Home Loan Guarantee Program is a home mortgage product designed to increase access to capital and facilitate homeownership for American Indian and Aurora Native families, Aurora villages, tribes, or tribally designated housing entities. Congress established this program in 1992.

The federal government guarantees the Section 184 loan, available to qualified borrowers through private financial institutions certified by the program. These lenders, which include national and local institutions, have been trained in the particular circumstances of Native American property ownership.

The program provides loans in three key categories: purchase, construction, and refinance. Borrowers may be eligible for more security, benefits, and a smaller down payment than with other lending programs. Furthermore, Fannie Mae purchases HUD-184 Guaranteed loans, which provide Native Americans with reduced down payments and other benefits.

How Do I Qualify For HUD 184 Loan Program?

To qualify for the HUD 184 Loan Program, you must be a Native American/American Indian in the process of buying a home that will be your primary residence, and you or your family members must also be recognized as being Indian or Aurora Native by an Indian tribe, the Federal Government, or any State. In addition to meeting these eligibility requirements, there are some other factors to consider:

• Enrollment: To use the Section 184 Loan, you must be a currently enrolled member of a Federally Recognized Tribe. Verification of enrollment will be required when applying for a Section 184 loan. Neither Section 184 nor approved lenders can assist in this enrollment process.
• Eligible areas: Loans must be made in an eligible area. The program has grown to include eligible areas beyond tribal trust land. Borrowers can check participating States and counties nationwide on the HUD website.
• Lender Participation: Borrowers must apply with a HUD-approved Section 184 lender.
• Credit History: A bankruptcy must have been discharged fully, and the applicant must have re-established good credit and demonstrated an ability to manage financial affairs. There must be at least two years between the bankruptcy discharge and the mortgage application.
• Loan Terms: Section 184 loans can be used for new construction, rehabilitation, purchase of an existing home, or refinance, both on and off native lands. Loan terms and interest rates vary depending on the lender and the borrower’s creditworthiness.

If you meet the eligibility requirements and other factors mentioned above, you can prequalify for the Section 184 Loan Program and contact us to apply for the loan.

Apply For Native American Home Loan in Aurora Colorado

If you are a member of a Native American tribe and believe you are eligible for a Section 184 loan, Capital Home Mortgage can assist you. Call us at (303) 226-1177 to speak with a home loan specialist about Aurora Native American home loans.