NATIVE AMERICAN LOAN PROGRAM AND HOME OWNERSHIP IN NEW MEXICO
About the Indian Home Loan Guarantee Program (Section 184):
The Section 184 Indian Home Loan Guarantee Program is a mortgage product for American Indian and Alaska Native families, tribes Alaska Villages or tribally designated housing entities. Congress established this program in 1992 to facilitate homeownership in Native American communities.
The Program gives Native Americans access to sources of private mortgage financing by providing loan guarantees to lenders. Section 184 covers one-to-four family homes located in an Indian or Alaska Native area where the land may be tribal trust, allotted individual trust or fee simple.
NATIVE AMERICAN LOAN PROGRAM – SECTION 184 PROGRAM HIGHLIGHTS
- Nationwide Program on Trust Land, allotted trust or fee simple land within Indian operating area (All of NM qualifies)
- Loan Amounts up to $300,000
- Low Down Payment (2.25%)
- No Monthly Mortgage Insurance
- No maximum income limits
- Refinancing available
- New Construction
- Loan is assumable
- Seller may pay up to 6% of Purchaser’s Closing Costs
- Credit scores as low as 580 may qualify
- No Credit History – may qualify with payment history
WHO IS ELIGIBLE?
- Any Native American or Alaskan Native that is a Member of a federally recognized Tribe or an Alaskan Village
- An Indian Tribe
- A Tribal Designated housing Entity
- An Indian Housing Authority (IHA)
For more details about the Native American Loan Program, 184 Program and for a FREE List of Lenders please fill out the Form below!