The Section 184 Indian Home Loan Guarantee Program was established in 1992 to increase the access Native American and Alaskan Native tribal members have to mortgage financing both on and off native lands. Section 184 loans are mortgages backed 100% by the Office of Loan Guarantee within the U.S. Department of Housing and Urban Development’s Office of Native American Programs. Private mortgage lenders, such as Financial Concepts Mortgage, issue these loans.
Who Is Eligible for Section 184 Loans?
Section 184 home loans are reserved for:
- American Indians or Alaska Natives who are enrolled members of federally recognized tribes
- Federally recognized Indian tribes
- Tribally Designated Housing Entities
- Indian Housing Authorities
- Native Hawaiians (through the Section 184A Program)
Tribal enrollment will be verified when applying for a Section 184 loan. Enrollment is solely determined by individual tribal governments and is typically verified by either a membership card or a letter proving enrollment status. Click here for a full list of tribes approved to participate in the Section 184 Program.
Section 184 Home Loans in Oklahoma
Financial Concepts Mortgage is licensed to provide Section 184 loans in Oklahoma. Loan limits will differ based on the county you reside in and the type of home you purchase. Click here for a full breakdown of Section 184 loan limits by state and county.
Benefits of Section 184 Loans
You can use Section 184 loans to purchase a home, construct a new home, rehabilitate a home, purchase and rehabilitate a home, or refinance a home. Other benefits include:
- A down payment of only 2.25% is required on loans over $50,000 and only 1.25% on loans under $50,000
- Low monthly and upfront mortgage insurance costs
- No income limits for applicants
- No minimum credit score is required to qualify
- Interest rates are low and based on market rates rather than credit score
- No penalties for prepayment
- Manual underwriting and approval
- Fixed-rate loans with terms of 30 years or less are available
Prequalify For a Section 184 Loan Today!
If you’re ready to take the next step toward owning your dream home, you can apply for a Section 184 home loan in Oklahoma online or over the phone. For more information about the different loans we offer, please contact us or visit us at one our four convenient locations in central Oklahoma. Our team is here to walk you through the process and answer any questions you may have.