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section 184

Hello was wondering what 184 well do for you? What interest rae would be like. and down payment? what credit score u need to get a 184 loan? how will it help you? thanks

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi sonday,

Indian Home Loan Guarantee Program, referred to as Section 184, is a HUD-insured loan product that encourages homeownership among Native American communities. The underwriting guidelines for section 184 loans are quite flexible. The interest rates are quite lower than the prevailing rates in the market. You need to make a down payment of 1.25% for loans more than $50k. If you want to get a loan amount of more than $50k, you are required to put down 2.25%. There is no minimum credit requirement for section 184 loans. You can qualify for the loan if your credit is not so good. However, if you have any outstanding collection accounts, you need to pay it off to get approved for the section 184 loan.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:24 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

what is th maximum loan amount in NC for section 184

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:24 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi jodi,

As far as I know, the maximum loan limit in North Carolina for section 184 should not exceed the HUD loan limit. The HUD loan limit for North Carolina varies from one county to other. So, you should check out the loan limit for your county in this regard.

Thanks,

Jerry

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:24 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I think the loan limits are actually 150% of the FHA limit in your area, at least they are in Oklahoma...

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:24 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

from hud website

4.3 MODEST HOUSING
The Section 184 statute requires that all housing under the Program be considered modest in size and design. To meet this requirement, no loan under the Section 184 Program may exceed 150 percent of the maximum FHA mortgage limit for the area. The FHA mortgage limits are published periodically by FHA in a Mortgagee Letter and by local FHA Field Offices if changes occur within their jurisdiction. The listing of mortgage limits may be obtained from either the Program ONAP or the Internet at: hud website

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:24 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Can you tell me how long the underwriting usually takes - once it goes to Denver? Thanks.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:24 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

Under normal conditions, it will take around a week to complete the mortgage underwriting.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:24 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I would like more understanding the Section 184 loans. How hard is it too get, what does your credit have to be like? Do these take a long time to get? Is Oklahoma Creek Indians eligible?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:24 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Carrie,

You can check out the given page to know more about 184 loans:
http://portal.hud.gov/hudportal/HUD?src=/program_offices/public_indian_h...

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:24 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

what is max sq of Modest size HUD 184 home???

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:24 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi May,

You can check out the given page in order to know the details about the HUD 184 home size:
"http://housing.mt.gov/About/homeownership/hud184.mcpx"

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:24 | Post subject:

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