Native American Home Loans Idaho

The Section 184 Indian Home Loan Guarantee program is a home loan product for federally recognized tribal members, tribes, and tribally designated housing entities. Eligible borrowers include American Indians, Alaska Natives, Tribes, Indian Housing Authorities, and Regional or Village Corporations formed under the Alaska Native Claims Settlement Act.

The HUD Native American Home Loan can be used to fund new construction, renovation, the purchase of an existing home, and refinancing, including cash-out refinancing. 

HUD Section 184 Eligibility Requirements

• Credit 

No minimum credit score is necessary to qualify for the program. However, the borrower must always be creditworthy. Alternative credit is permitted but not in place of traditional credit.

Borrowers must demonstrate a track record of meeting financial obligations per their borrower’s credit report. The payment of all liens, collections, and judgments is required. All accounts must have on-time payments for the past year.

• Down Payment

A 2.25 percent down payment will be required based on the lesser of the home’s appraised worth or its purchase price, Loans under $50,000 demand a 1.25 percent down payment.

• Income and DTI Ratio

A debt-to-income ratio of 41% is required, which can be higher if there are other compensating factors to make up for it. This means that your mortgage payment and other debts (such as personal loans, auto loans, student loans, credit cards, etc.) can’t take up more than 41% of your gross monthly income. So, if you have a lot of debt, you will have less money left to pay your mortgage.

• Property 

The property being acquired must comply with lending requirements. The lender will send an appraiser to verify the condition and value of the property to be purchased; the lot must also be subject to site control.

• Tribal Affiliation

The borrower must present proof of membership in a federally recognized Indian tribe.  The tribe/corporation determines who is a member and how membership is documented. The tribe/corporation usually gives members a membership card. To verify eligibility, the borrower must provide a copy of their membership card.

Apply For Idaho HUD Section 184 Home Loan 

If you belong to a Idaho Native American tribe and believe you qualify for a Section 184 loan, Capital Home Mortgage may be able to assist you. Call (208) 991-1303 to speak with a Home Loan Specialist on an Idaho Native American Home Loans.