The Department of Housing and Urban Development (HUD) provides mortgage home improvement loans to Native American and Alaskan natives as Indian Home Loan Guarantee Program (Section 184). This financing is a loan guarantee from the Department and approved lenders issue give out such loans after the necessary documentation and the loan guarantee has been approved.
If you are eligible (as an American Indian or Alaskan Native) then you can apply for this loan through any of the HUD approved lenders. This article highlights how lenders can participate in the program.
Firstly, the participating lender must have concluded Section 184 training. Thereafter they can participate to originate and service loans to beneficiaries.
Lender can participate if they are:
Approved by the HUD/FHA to take part in the single-family mortgage insurance program.
Approved by the HUD/ONAP to originate Section 184 loans
Authorized by the Veterans Administration (VA) to originate automatically guaranteed housing loans.
Approved by the Department of Agriculture to make loans for single-family housing.
Supervised, approved, regulated or insured by any agency of the Federal government Tribal loan funds, credit unions, and CDFI"s are encouraged to apply to be Section 184 approved lenders based on past lending experience.
These are the criteria put in place to become an approved lender of the Indian Home Loan Guarantee Program (Section 184). You can access more information from www.hud.gov
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