Native American Home Loans

Section 184 Loans from Financial Concepts Mortgage

Financial Concepts Mortgage is here to help you obtain a Native American home loan in Oklahoma. The Section 184 Indian Home Loan Guarantee Program was established in 1992 to increase the access Native American and Alaskan tribal members have to mortgage financing for homes on or off native lands. Section 184 loans are mortgages that are 100% backed by the Office of Loan Guarantee, a department within the U.S. Department of Housing and Urban Development’s Office of Native American Programs. These loans are issued by private mortgage lenders such as Financial Concepts Mortgage. Keep reading to learn more about section 184 loans, including section 184 loan credit requirements. 

Who Is Eligible for a Section 184 Loan?

Not everyone can qualify for a HUD Section 184 loan. Tribal enrollment is verified when applying for a Section 184 loan. Enrollment is solely determined by individual tribal governments and is usually verified by either a membership card or a letter. See a complete list of tribes approved to participate in the Section 184 program. Section 184 home loans are reserved for: 

• American Indians or Alaskan Natives who are enrolled members of their respective federally recognized tribes 
• Federally recognized Indian tribes 
• Tribally Designated Housing Entities 
• Indian Housing Authorities 
• Native Hawaiians through the Section 184A program 

Licensed HUD Section 184 Home Loan Provider in OK

Financial Concepts Mortgage is here to assist potential homebuyers in obtaining a Section 184 loan. Oklahoma HUD 184 loans are made for prospective homebuyers in Oklahoma City, Tulsa, and anywhere throughout the state of OK. These loans can be obtained by first-time homebuyers or those who have purchased multiple homes. With rising prices, it can be difficult for some people to afford a home. The government created the Oklahoma HUD 184 loan program to help Native Americans obtain financing to buy a home in their local community.  

Loan limits will differ based on the county you reside in and the type of home you want to purchase. Check out a full breakdown of Section 184 loan limits by state and county. The team at Financial Concepts Mortgage is here to help you understand and apply for a 184 loan. 

The Benefits of Section 184 Loans

While there are many types of loans available to homebuyers in Oklahoma, there are many benefits offered by Section 184 loans. You can use these loans to purchase a home, construct a new home, rehabilitate a home, buy and rehabilitate a home, or refinance a home. Other benefits of Section 184 loans include: 

• Low monthly and upfront mortgage insurance costs 
• A down payment of 2.25% for loans over $50,000 and only 1.25% on loans under $50,000 
• No income limits for applications 
• No minimum credit score necessary to qualify 
• No prepayment penalties 
• Low interest rates based on market rates rather than your credit score 
• Manual underwriting and approval 
• Fixed-rate loans with terms of 30 years or less are available 

Home Loans Designed for Native Americans

If you’re a Native American living in Oklahoma, you can more than likely benefit from a Section 184 home loan. These loans offer a lot of security and other benefits, including a low down payment. You won’t have to worry about your credit score because interest rates are based on the market. The experienced mortgage experts at Financial Concepts Mortgage will help you determine if a Section 184 loan is right for you and how much you may qualify for.