San Antonio Section 184 Loan

Suppose you are an American Indian or Alaskan native seeking homeownership in rural and suburban places in the US. In that case, you can get a Section 184 loan for its exclusive benefits to Native American borrowers. 

Our experienced loan officers here at Capital Home Mortgage will guide you through the process of applying for a Section 184 loan in San Antonio, TX. 

Let’s go over the essential features of a Native American Home Loan.

Benefits of Native American Home Loans

Lower down payments and market-based interest rates are the major benefits of Native American home loans. If you’re planning to get a loan above $50,000, the down payment is 2.25% (97.75% LTV), while only 1.25% (98.75% LTV) if the loan is under $50,000. 

Moreover, interest rates are market-based and not credit score-based, so your credit score won’t be a primary factor in the calculation process.

Aside from that, you can use a Native American home loan to purchase an existing home, construct a new home (including manufactured homes), or do home rehabilitation. Construction of homes can be on or off native lands and tribal trust lands. 

And ultimately, Section 184 loans can guarantee 100% financing. The mortgage limit for Section 184 loans can reach up to 150% of FHA limits.

Upon closing, a one-time 1.5% upfront guarantee fee is paid, but you can refinance it into the loan.

Qualification Requirements of Native American Loans

All Section 184 loans are guaranteed through the Office of Loan Guarantee of the Department of Housing and Urban Development (HUD). The HUD must first accredit lenders who want to offer Native American loans before granting these loans to Native American borrowers.

Capital Home Mortgage is a HUD-accredited mortgage lender. More than that, we are direct lenders, meaning we make all the decisions on the loan process, including funding the mortgage. This allows us to provide quick approvals on Section 184 loans and direct assistance at every step. 

• Eligible Borrowers

To be eligible, you must be a member of federally American Indian tribes, Indian tribes, or Alaskan native tribes. 

There are no income limits for a Section 184 loan. Section 184A or the Native Hawaiian Housing Loan Guarantee Program applies to interested borrowers in Hawaii. 

• Property Types

You can get a Section 184 loan to purchase single-family and one-to-four unit homes. You can use the loan proceeds for house weatherization if you rehabilitate an existing property. 

Outfitting homes for persons with disabilities are also allowed usage of Section 184 funds.

Get a Native American Home Loan in San Antonio With Capital Home Mortgage

Capital Home Mortgage offers Native American home loans to extend accessible financing to the Native communities. Our mortgage experts will guide you in understanding how Section 184 loans work. Though counseling is not required in the application, we highly recommend that you speak to our loan originators before initiating the application process. 

Contact our mortgage officers by calling (800) 536-8171. We look forward to providing your next Section 184 home loan in San Antonio.