|
Section 184 Indian Home Loan Guarantee Program
184 PartnersDue to extreme volume and limited resources, we are hereby suspending the issuance of firm commitments effective immediately. The program cannot exceed our maximum loan authority as determined by Congress. If you have previously submitted a firm commitment, please stand by as we are processing the requests as quickly as possible and in the order they were received. If you need to amend a firm commitment, please contact our office with the correction as soon as possible. We apologize for the inconvenience this early termination of obligations will cause you and potential Section 184 homebuyers, but we are absolutely unable to exceed our federal appropriation. This decision was necessary in order to protect the long term viability of the program. The earliest we will be able to resume issuance of obligations is on or about October 1, 2012. SECTION 184 LETTER 2012-01 - IMPORTANT, PLEASE READ. CONTENT INCLUDES:
NOTE: Until further notice, the Office of Loan Guarantee, Section 184 Program is not offering program training. Sorry for the inconvenience. What is the Section 184 Loan Guarantee Program?The Section 184 Indian Home Loan Guarantee Program is a home mortgage specifically designed for American Indian and Alaska Native families, Alaska Villages, Tribes, or Tribally Designated Housing Entities. Section 184 loans can be used, both on and off native lands, for new construction, rehabilitation, purchase of an existing home, or refinance.Because of the unique status of Indian lands being held in Trust, Native American homeownership has historically been an underserved market. Working with an expanding network of private sector and tribal partners, the Section 184 Program endeavors to increase access to capital for Native Americans and provide private funding opportunities for tribal housing agencies with the Section 184 Program. To help increase Native access to financing, the Office of Loan Guarantee within HUD’s Office of Native American Programs, guarantees the Section 184 home mortgage loans made to Native Borrowers. By guaranteeing these loans 100%, we encourage Lenders to serve the Native Communities. This increases the marketability and value of the Native assets and strengthens the financial standing of Native Communities. Section 184 is synonymous with home ownership in Indian Country. As of 2010, the Section 184 program has guaranteed over 12,000 loans (almost $2 billion dollars in guaranteed funds) to individuals, Tribes, and TDHEs.
The program has grown to include eligible areas, determined by participating tribes, across the country.
Resources
|
|||||||||||||||
|
|||||||||||||||
|
|
|||||||||||||||
