Statistics show that about 50% of Native Americans living in the United States are homeowners. This information is surprising because Native Americans can now more quickly and affordably become homeowners thanks to a unique loan program established by the Department of Housing and Urban Development (HUD).
HUD-184 Native American Home Loan
HUD-184 Home Loan Eligibility
Qualification Requirement For HUD-184 Loan
Native American home loans are available from The Texas Mortgage Pros, a full-service Texas mortgage broker. Many Native Americans have benefited from our assistance in becoming homeowners, and we can help you too!
FICO Score:
Since the HUD-184 loan has no minimum credit score requirement, it is the perfect option for qualified but credit-challenged customers. Borrowers with bad credit are not subject to higher interest rates as they are in most mortgage programs.
Debt-to-Income Ratio:
To calculate the borrower’s ability to repay and what they can afford, lenders often use a debt-to-income ratio of 41 percent.
Debt-to-Income Ratio:
To calculate the borrower’s ability to repay and what they can afford, lenders often use a debt-to-income ratio of 41 percent.
Income:
The HUD-184 loan has among of the lowest market-average down payment requirements. The minimum down payment for loans exceeding $50,000 and under $50,000 is 2.25 percent and 1.25 percent, respectively. A one-time guarantee fee of 1.5 percent is further paid to the government. Your savings, investments, or family presents may be where you get this money from. Also acceptable is tribal help.