March 29, 2013

Section 184 is Back!

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After a brief budget-related interruption in HUD’s Section 184 Program, the Native-American home loan guarantee program is back…and stronger than ever!  Earlier this week, President Obama signed a budget agreement that effectively doubled HUD’s authority to guarantee the home mortgages of Native American borrowers – from $6 million to $12.2 million. This will allow the program to help as many as 3,500 Native American families to purchase a home or refinance their exist mortgage between now and September 30th.  Section 184 is synonymous with homeownership in Indian Country because it guarantees 100 percent of the loan, which provides a great incentive for lenders to serve Native communities. Since the program guaranteed its first loan in 1996, it’s guaranteed more than 20,000 mortgages totaling $3.3 billion.  Read more about HUD’s Section 184 Indian Home Loan Guarantee Program or call 1-800-561-5913 for help.

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