Beaumont Native American Home Loans

The Beaumont area is home to many Native American tribes, so Native American home loans are becoming increasingly popular in the region. This mortgage, also known as the Section 184 Native American home loan, was created by the Department of Housing and Urban Development of the U.S. or HUD to provide and promote homeownership to Native Americans.

If you’re a Beaumont resident looking to buy a home, you may wonder if a Native American home loan is right for you. Fortunately, with a bit of help from us at Capital Home Mortgage, you can find your perfect home. You’ll get all the information needed to understand this program so that nothing stands between what’s best for yourself and owning a fantastic house. Everything you need to know, from eligibility standards to the benefits of this type of loan, has been covered.

Qualification Requirements of Native American Loans 

For starters, any person of any Indian tribe that the federal government recognizes can apply for this loan. This includes Alaska Natives as well as those from any federally recognized tribe. Someone who is a part of a tribally designated housing entity or the Indian Housing Authorities can also be eligible for this mortgage.

Native Hawaiians have a unique loan program that is covered by Section 184A. The qualification requirements for borrowers differ from other types of loans, but they must still be acquired in an eligible area. You can check if your county was approved on its list of approved counties.

Unfortunately, there are some states where you can’t get a loan as a Native. But that does not imply that we abandon you! Our team at Capital Home Mortgage is more than happy to help you find an alternative that best suits your needs. There are still eligible programs for which your approval will still be partial or complete depending on our requirements.

Benefits of Native American Home Loans

The new Section 184 has made it easier for Native Americans to qualify for and receive funding. It’s a law where you can get up to a 100% guarantee from the federal government, encouraging banks or lending institutions to accept these loans. There are also other more benefits that come from this type of mortgage.

First, they have lower down payment requirements than conventional mortgages. You can pay as low as 2.25% for loans exceeding $50,000. Meanwhile, you can pay as low as 1.25% for loans lower than $50,000.

Second, you are not required to have a high credit score. For this reason, this mortgage can be used in refinancing the construction of your home or when you buy an existing one, whatever the cost, with its market-based interest rate.

Third, you are guaranteed an upfront fee of 1.5% at closing, which will not be a disadvantage as you are not required to pay with your money.

Lastly, you can enjoy lower mortgage insurance provided your loan-to-value is at least 78% or above. In particular, you are only required to pay a 0.25% annual insurance premium.

Apply for a Beaumont Native American Home Loan

Capital Home Mortgage offers a hassle-free home-buying experience for Native Americans. We know that acquiring a home loan can be daunting, but our team is more than happy to assist you.

We offer various loan products at affordable rates because we are a direct lender. We understand the unique needs of our borrowers, which is why we tailor our loans to fit your specific requirements. Call us at (409) 242-5530 to learn more about our Beaumont Native American home loans.