Dallas HUD 184 – Native American Home Loans

The Native American Home Loan Program or HUD Section 184 loan is a mortgage program unique to American Indian and Alaskan borrowers. Achieving homeownership for Native Americans can be challenging. That’s why the Section 184 program aims to help them secure a home in the US under flexible payment terms. If you are a Native American seeking homeownership in Dallas, you must first search for a HUD-certified lending institution.

Capital Home Mortgage is a HUD-certified and participating lender offering Section 184 loans to qualified Native Americans. Our mortgage experts can also orient you about Section 184 loans and explain how the process will work. Sign up for a Native American loan today with Capital Home Mortgage. Read the salient points of this loan program below.

Benefits of Native American Home Loans

Section 184 loans give unique benefits to Native Americans. These benefits are not present in typical home loan products like FHA 203(b) and conventional loans. 

• Low Down Payment

Native American home loans often ask for down payments that can go as low as 2.25% for loans over $50,000 or 1.25% for loans under $50,000. The loan-to-value is still higher in Section 184 loans which can be around 97 to 98 percent of the total amount, than in standard loan products. So if the loan is $100,000, the required down payment under Section 184 is only $2,250.

• Market-based Interest Rate

Most borrowers worry about interest rates because of their credit scores. Lenders give high-interest rates to borrowers with less-than-perfect credit scores. But in Native American loans, interest rates are market-based, which makes it more accessible to Native Americans with a short credit history or low credit scores.

Qualification Requirements of Native American Loans

Section 184 loans go through the Office of Loan Guarantee of the HUD. The HUD office supervises all Native American home loans to ensure compliance and protect borrowers from predatory lenders. You should double-check with the HUD if the lending institution is a HUD-certified lender.

To be qualified for a Native American loan, the borrower must be a member of an American Indian, Indian or Alaskan Native tribe. If you’re from Hawaii, Section 184A applies. Talk to our experts to learn more about Hawaiian Native loans. There are also no income requirements or ceilings to qualify.

Only single-family and one-to-four unit homes are allowed under the Section 184 program. Besides purchasing a brand new house, Section 184 also allows the loan proceeds to be used for:

• Purchasing and constructing manufactured homes
• Outfitting homes for persons with disabilities
• Rehabilitating existing homes for weatherization

Coordinate with Capital Home Mortgage Section 184 experts to learn more about this loan program’s in-depth requirements and provisions.

Get a Native American Loan Today

Capital Home Mortgage strives to provide a convenient and painless process for your Dallas Native American loan application. Our mortgage specialists are here to guide you in every step of the process. Call us at (214) 372-0015 to get started with a quick no-obligation quote.

We look forward to providing your next Native American loan in Dallas.