Home Buyers: The HUD-184 Program Can Help you Secure a Mortgage


Are you planning on getting a mortgage loan but worried about a low credit score? Check out the HUD 184 program. It is designed to help Alaska Native People to achieve homeownership.

What is the HUD 184 Program?

HUD 184 is a special home loan guarantee program specifically for American Indian and Alaska Native families. Home loans under this program are 100% guaranteed by the Office of Loan Guarantee to encourage national and local banks to provide mortgage loans to Native Americans.
With this, the borrower can receive lower loan costs, lower down payments, no monthly mortgage insurance and better interest rates. It can be used for off Native lands, new construction, rehabilitation, refinancing and purchase of an existing or new home.

How do I know if I am eligible?

You are eligible and you qualify for this program if you are an American Indian or an Alaska Native and a member of a federally recognized tribe. Of course, there are others who are also eligible such as those federally recognized Indian tribes, tribally designated housing entities and Indian Housing Authorities.

Why should I use the HUD 184 program?

1. It has no income limits.

2. It offers a low down payment of only 2.25% on loans over $50,000 and only 1.25% on loans under $50,000.

3. It offers competitive rates based on market rates and not on credit scores.

4. It offers flexible underwriting where it utilizes a hands-on underwriting and approval. The automated approval requires you to have a higher score while manual underwriting means lower scores will still be considered.

5. It can be used for single family homes (1-4 units) and for a primary residence and fixed-rate loans for 30 years or less.

6. It offers protection. This program monitors the fees that can be charged by their approved lenders so you are protected from predatory lending. It can also be used for Adjustable Rate Mortgages (ARMs) where interest rates are periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets.

7. It is available everywhere in Alaska. It includes tribal trust, individual allotted trust or fee simple land.

8. It assures the lender that its investment will be repaid in full in the event of foreclosure. Buyers who qualify can leverage off this protection to secure a loan and achieve home ownership.

So, do you think the HUD 184 program can work for you? For more information and assistance, call us so we can help! Call (907) 570-6757 or 907-720-4663. 

Comments

Post a Comment

Popular posts from this blog

Alaska Real Estate Market Update as of December 8th to December 14th 2018

Image
Here's Alaska real estate market update as of December 8th to December 14th 2018. Still, on the top of our list is the  Anchorage market . During this week, 489 are currently active listings where 11 of which are new listings. 22 listings were pended and 36 were sold. Next is  Wasilla market , 369 are active where 22 are of which are new, 19 pended and 16 were sold. Compared to the  previous market update , you can see that there are less active and pended then more sold listings in Anchorage while more pended and same were sold listings in Wasilla for the week. See full report: If you want to know more on the latest real estate market update and is interested in buying or selling, give me a call (907) 570-6757 or 907-720-4663.
Read more

Before You Renovate or Buy a New Home, Read This Post

Image
Most people at some point reach a real estate crossroad whether to renovate your existing home or buy a new one that will fit your current and future needs. To answer the question, you'll have to think of many factors. This is not a one-size fit all answer but answering the following questions may help you make the decision. 1. What can you afford? Extensive and realistic budget planning is an essential factor to make your decision. You need to know the renovating vs. buying costs. Is it cheaper to buy than to renovate your home? Whether one is cheaper or not, will it fit your budget? And if you do have the budget, will it be worth it? 2. Will there be enough space? One of the common reason people need to move or renovate is the need for expansion. Will there be enough space for you to expand if you are going to renovate? How about adding a 2nd story? You need to know if the home's foundation can support additional weight or it will require reinforcement. Also, is
Read more

Your 2024 Guide to Buying, Selling, and Market Trends

Image
As we usher in 2024, it's time to demystify the real estate market for everyone, whether you're buying, selling, or just curious about what the new year has in store. This guide is crafted to give you all the essentials, packaged in a simple and easy-to-understand format. 1. 2023 in Review: A Quick Recap of the Real Estate Market Housing Prices: Last year saw a steady rise in housing prices in many areas, although there were regional variations. Interest Rates: Interest rates fluctuated, impacting mortgage rates and affecting both buyers and sellers. Market Demand: The market witnessed a high demand in suburban and rural areas, a trend that emerged during the pandemic. 2. Buying a Home in 2024: Strategies for Success For First-Time Buyers: Start by getting pre-approved for a mortgage to understand your budget. Look for areas with growth potential but lower prices. Shopping Smart: Research neighborhoods for future development plans. Inspect properties thoroughly and conside
Read more