Do you know that there is provision for American Indians to take advantage of home improvement loan? Yes, there is such loan and the US Department provides it for homeowners as the Indian Home Loan Guarantee Program (Section 184).Accordingly, if you are an American Indian, or from rural Alaska then this loan provision can help you improve your tribally designated homes.
The Section 184 Indian Home Loan Guarantee Program is provided for designated communities of the tribes mentioned above. Precisely, this is a home mortgage loan that borrowers can avail with low down payments. Also, there is no monthly insurance attached with it. The underwriting for this loan is flexible.
The features of the loan include 2.25% down payment for loans that are more than $50,000; 1.25% down payment for loan below $50,000; 1% one-time guarantee fee to be added to your financial loan.
You can carry out your desired needs with this loan option. Hence, if you need financing to buy a new home, rehabilitate or construct your house then this option could be ideal for you.
One of the important things to do if you desire this loan is to get well informed about it. There could be special classes in your community where you can get educated on how to access this loan. (But of course this may not be really necessary!).
However, since the HUD guarantees with this loan, it then becomes necessary to get your information from this government agency. On their website www.hud.gov you can download the Sections 184 Participating Lenders List to have access to HUD approved lenders.
So, contact the HUD today or any of the HUD - approved lenders of Section 184 for your loan. Alaskans and American Indians (Native Americans) should take note of this information.
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