November 4, 2020

Common Questions about Section 184 Loans

In the market to buy a home? Applying for a Section 184 Indian Home Loan is a viable option with many benefits. Discover if you qualify and how it works here. 

Whether it’s your first family home or your fifth, buying a home is a major financial decision that warrants thorough research and counsel from trusted professionals, like our experts at Chickasaw Community Bank. It’s worth exploring every potential avenue before deciding which path is right for you — especially if you qualify for the Section 184 Indian Home Loan Guarantee Program. Keep reading to learn more about the invaluable benefits it’s provided to countless families for decades, ranging from low down payments and interest rates to competitive terms and pricing. 

 

What is a Section 184 Loan and what can it be used for? 

Founded in 1992 by Congress to facilitate homeownership and stimulate mortgage lending in Indian Country, the Section 184 Program grants access to more capital and creates widespread funding opportunities for Native American communities. You may use the funds to build a new home or buy, refinance, or renovate an existing home –– both on and off trust land.


Who is eligible? 

You may qualify for the program if you are a card-carrying member of: 

  • American Indian or Alaska Native Families
  • Alaska Villages, Tribes, or Tribally Designated Housing Entities

 

There’s no income limit, and both first-time and experienced homebuyers receive equal consideration, so long as the home will serve as your primary residence and not a rental property. 

 

What credit score is needed for a Section 184 Loan? 

While there’s no minimum credit score required for eligibility, you must be deemed creditworthy. Interest rates are calculated based on market rates, not on your credit score.

 

Do I have to get the loan where my tribe is located? 

While you do not have to apply for the loan where their tribe is located, the land on which you construct or purchase your home must be located in an eligible Indian or Alaska Native area. 


Are there property requirements or restrictions?


You may use a Section 184 Loan to: 

  • purchase an existing home
  • construct a new home 
  • rehabilitate a home
  • refinance a home


It applies exclusively to homes that are:

  • single-family
  • one- to four-units
  • modestly sized and designed
  • meet applicable construction and safety codes
  • serve as your primary residence (not a rental)


Contact Chickasaw Community Bank to learn more

Now that you’ve digested the basics, you may have specific questions. That’s where we shine. Here at CCB, we’re ready to help you navigate this program’s nuances. If you’d like to learn more about the program or start the application process, please contact us, either by calling 405-946-2265 or emailing us at contactus@ccb.bank. We look forward to partnering with you along the exciting path to home ownership.

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