Benefits of the Section 184 Native American Home Loan!

The Section 184 Program was designed to improve access to capitol for Native Americans, act as a credit enhancement mechanism for lenders, and provide private funding opportunities for tribal housing agencies. It comes with a 100% guarantee for home loans! 

This Loan is a Nationwide Program on Trust Land, allotted trust, or fee simple land within Indian Operating areas. All of New Mexico and Colorado qualify.

A loan can be taken out up to $300,000  and it requires only a down payment of 2.25%! You will not have to pay a Monthly Mortgage Insurance and there is not a maximum income limit. This assumable loan allows credit scores as low as 580 to apply! And the seller may pay up to 6% of the purchaser's closing costs. 

Here at Sun West Mortgage, we offer direct underwriting for the Section 184 Loan!

Those who are eligible to apply are any Native American or Alaskan Native that is a member of a federally recognized tribe or an Alaskan Village. Indian Tribes, Tribal Designated Housing Entities, and Indian Housing Authorities also qualify.

This loan will cover the purchase of an existing home, the construction of a new home, or the refinancing of a current mortgage!

What are you waiting for? Call Todd today to find out if you qualify to benefit from this great loan! 505-918-1028

Low rates benefits refinancers

Today's mortgage rates are at record setting lows.  Homeowners are refinancing their existing loans for a new 15 or 20 year loan that will help make retirement more enjoyable. Freddie Mac shows the average for a 15 year fixed-loan at 2.97% down from 3.04% last week. With the housing market still in crisis, these rates are greatly benefiting refinancers who have significant equity in their houses. So if you are considering taking advantage of these rates, please contact me and I will be happy to help you start saving money today.   Todd @505-918-1028.

Info about Section 184

How powerful is the Section 184 Native American Program? This loan has no mortgage insurance and a low down payment! More facts:

• Buying a house for $130K FHA and $160K Section 184 = approximately the same payment.
• Native American Loan Program eliminates monthly mortgage insurance and only requires 2.25% down payment in New Mexico and Colorado
• You can get an MFA loan combined with a Section 184 Native American loan and a 2/1 buydown.
• Imagine at mortgage closing with only a 550 credit score! What’s the interest rate 9%? Nope It was only 4.75%.

Call Todd for even more information about this incredible loan program that can help you save money on the purchase of your home! 505-918-1028