If you think you are eligible for the Section 184 Indian Home Loan Guarantee Program then you must really understand how to avail yourself of this loan. This is important to get a fast approval of funds. Below is what you should do to access this loan with ease.
You must apply for this loan from the office of the HUD approved Section 184 lenders. The list of such lenders is available at the office of HUD or you can access it online.
When you apply, you are mandated to pay a 1% loan guarantee fee at closing. This fee can be paid in cash or it can be financed as part of the mortgage.
After your application, the lender will evaluate your application and all necessary documentations. Hereafter, the applications and documentation would be submitted for approval to the HUD's Loan Guarantee office. If all requirements are met then your application is as good approved.
You can utilize the approved loans for the following: construction of new housing, acquisition and /or rehabilitation of existing housing (home improvement), and refinancing of your existing mortgage.
The HUD office of Loan Guarantee will provide you with additional information on eligibility for the Section 184 Indian Home Loan Guarantee Program or you can visit www.hud.gov for further information.
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