Section 184 Indian Home Loan Guarantee Program

The Section 184 Indian Home Loan Guarantee Program is a mortgage product specifically designed for American Indian and Alaska Native families. Congress established this program in 1992 to facilitate homeownership in Native American states such as Oklahoma.

With Section 184 financing you can get into a home with a low down payment, very low mortgage insurance, and flexible underwriting.  If you are a potential home buyer, and meet the requirements, Section 184 is one of the most economical loan programs available, thanks to the low down payment requirement of 2.25% for loans over $50,000. Also,  there is a very low monthly mortgage insurance premium, potentially saving you hundreds of dollars per month over other loan types. A one-time, 1.5% loan guarantee fee is added to your final loan amount.  One key feature of the program is that the property being financed must be owner occupied.  Investment properties and land only transactions are not allowed.

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You are eligible to apply for the loan if you are a member of any of the Federally recognized tribes in Oklahoma.  Those include the following:

Absentee-Shawnee Tribe of OK
Ponca Tribe of OK
Chickasaw Nation
Kialegge Tribal Town
Cherokee Nation of Oklahoma
Sac and Fox Nation of Oklahoma
Comanche Indian Tribe
Iowa Tribe of Oklahoma
Choctaw Nation of Oklahoma
Otoe-Missouria Tribe of Oklahoma
Wichita and Affiliated Tribes
Miami Tribe of Oklahoma
Citizen Potawatomi Nation
Kaw Nation
Kiowa Tribe
Quapaw Tribe
Apache Tribe of Oklahoma
Pawnee Tribe of Oklahoma
Seminole Nation Oklahoma
Delaware Nation
Muskogee Creek Nation
Alabama Quassarte Tribal Town
Peoria Tribe of Oklahoma
Osage Tribe
Click here to apply for a section 184 loan

Some of the benefits of the Section 184 loan are:

  • Available on tribal trust, individual allotted trust or fee simple land in an Indian Operating Area

  • Low down payment of 2.25% based on the lower of the appraised value or cost to acquire the home.

  • Refinance eligibility.

  • The maximum loan amount in Oklahoma is $275,655

  • 1.5% financeable guarantee fee at closing. It is the lowest cost of any government guarantee or conventional insurance program in Indian country.

  • Eligibility includes: New construction, purchase of an existing house and refinancing.

  • One qualifying ratio: 41% total debt to gross income ratio which can be exceeded with compensating factors.

  • Low government interest rates

  • Loans may be assumed by a creditworthy borrower that meets program eligibility.

Contact Jolynn to find out today how you can begin the steps to home ownership!