Question Details

Jonathan Jam…, Other/Just Looking in New York, NY

The Section 184 Indian Loan Guarantee program ..Does or has anybody had any experience with this Home Loan?

Asked by Jonathan James, New York, NY Tue Aug 19, 2008

Looking to find out what the 30 Yr Fixed Rate is???

Thanks!

King of Craigslist

Help the community by answering this question:

Answers

3
My husband and I are in the process of doing this loan now with BancFirst in OKC. You may purchase a home anywhere, not just on a reservation. They require 2.25% down and no PMI. You may also check with your Indian tribe, as they will pay ALL closing costs and 2% of your down payment. This is really an AWESOME loan and we are very excited!!
0 votes Thank Flag Link Thu Apr 9, 2009
I just came across this and have been wanting to talk to someone who has acutally done this how did this go for you?
Flag Thu Nov 8, 2012
Thanks Ronda, I appreciate the response. But since I posted the question, I was able find the answer elsewhere... Actually, its not 100% its a 98%. Even better, the loan does not require MORTGAGE INSURANCE AND ITS FIXED FOR 30 YRS AT THE FHA RATE. Did I mention, its not FICO Sire Driven?? Yep!! Here is the kicker----- its not just for Reservation Land, its for anywhere in the country.

THIS IS HUGE!
0 votes Thank Flag Link Thu Aug 21, 2008
Jonothan, The loan you are asking about is to facilitate loans to persons with native American heritage to purchase homes (new or existing) on reservation land. You can find fore information about it on the link below. It is basically a HUD loan. It is a 100 % loan I beleive.They have allocated about 1.2 million for 2008. I don't know how much is left of it or the interest rate. Probably at or below current FHA rates. You have to find a lender that is knowlegable in doing the loan. The website may give you information and direct you to one in your area. I hope this helps. For any one wanting to know more about it check out the website. Ronda
Web Reference: http://www.codetalk.fed.us
0 votes Thank Flag Link Thu Aug 21, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer