If you want to own your own home, you need to do your research and explore all the home loan options available to you. As a Native American or Alaska Native, you might be eligible for certain home loan programs that can make homeownership easier for you and your family to achieve.
The following are six things to know as a Native American or Alaska Native interested in owning a home.
You might be eligible for a mortgage from a Section 184 home loan lender.
Native Americans and Alaska Natives should learn about the mortgage offerings of Section 184 home loan lenders. Section 184 home loans are designed to make homeownership more accessible for Native Americans.
You need to be an official member of a federally recognized tribe to qualify for a Section 184 home loan.
Simply being of Native American or Alaska Native descent isn't enough to qualify for a home loan from a Section 184 home loan lender. Consumers have to officially be a member of a tribe that the federal government recognizes to qualify for a Section 184 mortgage loan.
Borrowing from a Section 184 home loan lender might not require a credit score.
It's typically significantly easier to qualify for a home loan from a Section 184 lender than it is to qualify for a standard mortgage loan. That's because credit requirements are generally laxer with these loans. In fact, credit checks are not required at all in some cases.
Loans from Section 184 home loan lenders often don't require a large down payment.
For some consumers, the biggest obstacle to buying a home is making a down payment.
Native American and Alaska Native home loan applicants can take advantage of the fact that Section 184 home loans often don't require a very large down payment. The required down payment for these home loans is often significantly smaller than the down payment required for a standard mortgage loan.
Lenders can only offer Section 184 loans in certain areas.
It's important to be aware of the fact that Section 184 home loan lenders can't offer this type of loan in every state. There are certain states where these home loans are unavailable. That's why consumers need to do their research and find out if these loans are offered in their area.
Section 184 home loan lenders can offer loans for new construction.
Native Americans and Alaska Natives don't only have the ability to buy an existing home with a Section 184 home loan. They can also use this type of loan to fund the construction of a new home if they prefer to build their own home.
For more information on Section 184 home loan lenders, contact a professional near you.
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