Native American Home Loan Programs Overview
In 1992, Congress created the Section 184 Indian Housing Loan Garant Program. This program offers homeownership, property rehabilitation, and new construction opportunities to eligible tribes, Indian Housing Authorities, and Native American families who want to purchase a home on trust land or land in an approved Indian, Alaska Native, or other areas.
Here are some frequently asked questions regarding Section 184.
Who Can Qualify?
Participants include:
American Indians and Alaska Natives who are part of a federally recognized tribe
Federally-recognized Indian tribes
Housing entities designated by Tribally
Indian Housing Authorities
What Types Of Homes Are Eligible For Section 184
Section 184 is only available to single-family homes with 1-4 units.
What Kind Of Loan Can You Get?
The loan must have a fixed rate for at least 30 years. ARM loans are not allowed. Borrowers must also apply to a HUD-approved Section 184 lender.
Is This Program Only For Homes On Tribal Land, Or Is It Open To All?
The Section 184 program now covers areas other than tribal trust land in all 50 states. While some states have full approval, others have chosen counties. To see if your region is eligible, check HUD’s list of approved States.
What Is The Maximum Amount I Can Borrow?
Your income and current debts will determine how much you can borrow. There are limits to how much money you can borrow. The Section 184 loan limits are subject to change by county and depend on how many units there are.
What Amount Do I Need To Put Down?
The current rules require a downpayment of 2.25% on loans above $50,000, and 1.25% on loans below $50,000. This money could come from savings, investments, or as a gift from a loved one.
