Having grown up in Marysville, Washington with many friends in the Tulalip Tribes, I am excited to share more information about the FHA Section 184 Indian Home Loan for Tulalip Tribal Members in Snohomish County.
The FHA Home Loan Program has helped over 30 million people buy homes since 1934. One of the purposes of the FHA (Federal housing Authority) is to create opportunities that promote home ownership for responsible home buyers. The Section 184 Indian Home Loan Program is a great example of the FHA in action. The HUD 184 Loan (or FHA Section 184 Indian Home Loan) is a home loan program designed specifically for Native Americans who are buying a home either on or off Tribal lands.
It’s important to know that the FHA is not a bank, they do not loan the money to purchase a home, they simply insure the loan. I however, work for a local mortgage bank that specializes in government financing, we process, underwrite, and fund our FHA Section 184 Indian Home Loans right here in Snohomish County.
For qualified Native Americans, you can inherit substantial savings over and beyond the traditional FHA Home Loan Program. The FHA Section 184 Indian Home Loan allows eligible home buyers to purchase a home under the traditional FHA guidelines (see Dan for more info), but with a couple of additional perks added:
– Traditional FHA requires 3.5% down payment, FHA 184 loan only requires 2.25% down
– Traditional FHA requires monthly PMI, FHA 184 has NO private mortgage insurance
– Traditional FHA requires a 1.75% upfront Funding Fee, FHA 184 requires 1.5%
For example, on a $250,000 home purchase, the FHA Section 184 Indian Home Loan would save a Tulalip Tribe Member approximately $274/month, a savings of over $98,500 over 30-years!
**Rates used for a payment presentation, not qualifying purposes. I am not quoting interest rates in this article.
How Do I Qualify For A FHA 184 Indian Home Loan?
– Must meet FHA qualification guidelines – APPLY HERE
– Must have a CDIB Card (Certificate Degree of Indian Blood)
– Or Tribal Membership Card
– Minimum credit score of 620
Facts About the FHA 184 Indian Home Loan
– Does NOT have to be on tribal land, no region restrictions
– You can purchase a manufactured home (must meet standard FHA requirements)
– There are no household income limits
– You can borrow up to $417,000 in Snohomish County
– Must be your primary residence
– Every Tulalip Tribal Member is eligible (must meet credit criteria)
Common Questions About the FHA 184 Indian Home Loan
Can I use the FHA 184 loan to buy a new home?
Can I use the FHA 184 loan to buy a home the requires repairs?
Yes. You can finance the repairs into the loan like a 203k rehab loan.
Can I purchase a duplex or triplex with the FHA 184 loan?
Yes, but you must occupy one of the units.
How do I qualify for the FHA 184 Indian home loan?
Go to my FHA 184 Mortgage Concierge Page and follow the 2 steps – Click here.
How do I get my CDIB Card?
The process is found here – Get My CDIB Card
For now, this should be enough information to help you identify whether or not qualify for this great program. As always, I love helping my readers navigate through the home buying process, so if you have any questions, please feel free to call me or email me and I will be glad to help!
My email is firstname.lastname@example.org and I can always be reached directly or via text at (425) 350-7136.
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