If you are a Native American who either owns a home or is interested in homeownership, then you should definitely learn a little more about the Section 184 home loan and how you might be able to benefit from it. Section 184 home loans are designed specifically for Native Americans, and there are a few different ways that you can use these home loans. These are a few examples of ways that you might be able to make use of one of these loans.
Refinancing Your Home
You might already own your own home. However, when you purchased your home, you might not have been aware of the Section 184 home loan and might not have made use of it. You might have had bad credit at the time or might have otherwise ended up with a loan with a high interest rate. If this is the case, then refinancing your home could help you save money in interest and could even help you reduce your monthly payments. Many people don't realize it, but you can actually use a Section 184 home loan as a refinancing option, so this might be an option you should check out if you are interested in refinancing your home.
Building a Home on Tribal Land
You might already live on tribal land, and you might not be able to imagine leaving the place that you call home, even though you might be interested in owning your own home. Alternatively, you might not live on tribal land right now, but you might be interested in moving onto a reservation so that you can be surrounded by other Native Americans. If this is the case, then you can look into a Section 184 home loan since these loans will allow you to build a home on tribal land, if you're interested in doing so.
Buying or Building a Home That Isn't On Tribal Land
Since the Section 184 home loan is designed for Native Americans, some people assume that you have to buy or build a home on tribal land in order to qualify for the loan. This is not the case, though, so if you're interested in buying or building a home that isn't on a reservation, this is still an option that you can explore. Of course, this is only the case if you can provide proof that you are, in fact, a Native American who is a member of a federally recognized tribe.
Reach out to Section 184 home loan lenders for more information.