HUD 184 Home Loans In Florida

What is a HUD 184 Native American Home Loan?

The HUD 184 Native American Home Loan Program, also called the Section 184 Indian Home Loan Guarantee Program, is a mortgage product designed specifically for American Indian and Alaska Native families, Alaska villages, communities, and tribally designated housing entities. Established by Congress in 1992, the program seeks to increase access to capital and facilitate homeownership in Native American communities.

In Florida, eligible Native American individuals, families, tribes, and Indian Housing Authorities may use the HUD 184 loan program to achieve homeownership, property rehabilitation, and new construction opportunities on trust land or land in approved Indian and Native areas.

The HUD 184 loans are only available to federally recognized Native American tribe members. In Florida, The Seminole Tribe of Florida (STOF) offers the Home Expansion Loan Program (HELP) to assist tribal members who may not qualify for conventional loan programs.

Benefits of the HUD 184 Loan Program

The HUD 184 Loan Program, also known as the Section 184 Indian Home Loan Guarantee Program, provides the following advantages to eligible Native American individuals and families, nations, and Florida Indian Housing Authorities:

• Low down payment:

The program requires a 2.25% down payment on loans over $50,000 and a 1.25% down payment on loans under $50,000.

• Flexible interest rate:

Lenders charge market rates, and no adjustable-rate mortgages are permitted.

• Loan guarantee:

The loans are guaranteed by the Office of Loan Guarantee within HUD’s Office of Native American Programs, ensuring the lender that its investment will be reimbursed in full in the event of foreclosure.

• Flexible use:

HUD 184 loans can be used to purchase a home, renovate a new home, or rebuild an existing home.

• No prepayment penalties:

Borrowers may pay off the loan early without incurring any penalties.

• Monitored fees:

The program monitors fees to prevent predatory lending.

• Maximum loan amount:

The maximum loan amount is 150% of the area’s Federal Housing Administration (FHA) lending limits.

These benefits make the HUD 184 loan program an attractive option for eligible Native American Florida borrowers seeking homeownership, property rehabilitation, or new construction opportunities.

HUD 184 Qualification Requirements

The qualification requirements for the HUD 184 home loan program in Florida are as follows:

• Borrower eligibility:

The borrower must be a federally recognized tribe or a Native Village, tribe, or tribally designated housing entity.

• Primary residence:

The loan must be used for the borrower’s primary residence.

• Legal capacity:

Borrowers must have the legal capacity to incur a loan obligation.

• Citizenship or eligible noncitizen status:

Borrowers must meet citizenship or eligible noncitizenship requirements.

• Property requirements:

The loan must be secured by a one- to four-unit property located on individual lots or in a condo, cooperative, or PUD project. Manufactured homes that fulfill HUD regulations are eligible.

• Loan Limits:

No loan made through the Section 184 Indian Home Loan Guarantee Program may exceed 150 percent of the area’s maximum FHA mortgage limit.

Borrowers must work with a HUD-approved Section 184 lender to apply for the HUD 184 home loan program.

Apply for a HUD 184 Home Loan with Capital Home Mortgage

If you are a member of a Native American tribe and believe you may be eligible for a Section 184 loan, Capital Home Mortgage can assist you.

We offer free consultations, answer any concerns about Section 184 mortgages, and explain all possible options. Call us at (239) 310-5599 to speak with a member of our Native American home loan team in Florida!