At Simply Approved Mortgages, we believe in making homeownership accessible to all communities. Native American home loans, such as the Section 184 Loan Guarantee Program, provide unique opportunities for Native American families, tribes, and Alaskan Natives to achieve their dream of homeownership with tailored financing solutions.
Native American home loans are specialized mortgage programs designed to provide affordable and accessible financing options for Native American communities. These loans aim to reduce barriers to homeownership, such as high down payments and stringent credit requirements, making it easier for individuals and families to secure a home. Full program details can be found here.
Upfront Guarantee Fee:
There is a 1% upfront guarantee fee based on your loan amount, which can be financed into your loan to minimize out-of-pocket expenses.
Eligibility Based on Location:
To qualify for a Section 184 loan, you must live in an approved state or county. Simply Approved Mortgages can help you determine if your area is eligible.
The Section 184 Loan Guarantee Program, established by HUD, is specifically tailored for Native American and Alaskan Native families, tribes, and tribal housing entities. This program offers:
With our industry-leading 1.5% fee structure, you can maximize your savings while achieving your financial objectives.
Eligibility for Native American home loans typically includes:
Please review the recognized tribe list here.
If you’re a Native American who is a member of a federally recognized tribe, you may qualify for the VA Native American Direct Loan (NADL). This loan program allows eligible borrowers to build, buy, or refinance a home on federal trust land.
No Down Payment Requirement:
Most borrowers won’t need a down payment, with some exceptions, such as those who have defaulted on previous VA loans.
Primary Residence Only:
NADL loans can only be used to purchase or refinance a primary residence. Vacation homes or investment properties are not eligible.
Low, Fixed Interest Rates:
Since the loan is issued directly by the VA, interest rates are set by the Administration and start as low as 2.5% (as of June 2024). Rates are determined on a case-by-case basis.
Flexible Credit Standards:
The VA does not set a minimum credit score, providing more flexibility for borrowers with less-than-perfect credit histories.
No Monthly Mortgage Insurance:
Instead of monthly insurance payments, there’s an upfront funding fee for most borrowers, which can be financed into the loan to reduce upfront costs.
Lower Closing Costs:
VA loans feature strict rules about what buyers can and cannot be charged for, helping to significantly reduce closing costs, which can typically range from 3% to 6% of the loan amount.
At Simply Approved Mortgages, we are committed to guiding Native American families through the loan process. Here’s how we help:
With our industry-leading 1.5% fee, compared to the standard 2.75%, we save you thousands while offering competitive rates tailored to your needs. Learn More.
Our team of seasoned professionals is dedicated to simplifying the mortgage process, providing personalized solutions, and ensuring you feel confident every step of the way.
We prioritize honesty and clarity. From disclosing every detail upfront to ensuring no hidden surprises, we build trust through our commitment to your financial success.
You can use Native American home loans to purchase existing homes, build new homes, or refinance existing mortgages.
Yes, Native American home loans can be used for properties located both on and off tribal land.
To apply, you’ll need to work with a lender approved by HUD for the Section 184 program. Simply Approved Mortgages can guide you through this process.
No, there are typically no income restrictions, making these loans accessible to a wide range of applicants.
Yes, tribes and their designated housing entities can apply for loans to develop housing projects.
Take control of your home-Take the guesswork out of your home-buying journey. Use our Mortgage Calculator to estimate your monthly payments and make informed financial decisions.
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Simply input your details and see how much equity you could access today. If you have questions or need assistance, our team is here to guide you every step of the way.
Get a free credit score check to understand where you are and how to move forward.
Small changes in your credit score can lead to significant savings on your mortgage.
Stay on top of your credit health with credit monitoring, so you can catch issues early and maintain a strong score.
Discover how your credit score affects your mortgage options and rates. Plus, get personalized offers through our partner services to help you find the best loan for your financial situation.
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Remember that a good credit score can lower your interest rate on your mortgage.
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
Reduce your monthly payment or loan term while unlocking the full potential of your home’s equity!
Unlocking the American Dream, One Home at a Time
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