Most Real Estate agents and loan officers don't know about Section 184 Native American Loans. Resources for this program are few and far between, but every year, thousands of people use this valuable program to purchase homes at a steep interest rate discount and with no down payment. Here is the information from HUD's site:
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.
There are some geographic restrictions, but luckily, here in the state of Idaho, a native american can use this program anywhere in the state. Here is a map of the geographic restrictions from HUD's website:
So the question is does my client qualify; the best way to determine this is to call a professional in your state. In Idaho, there are very few that are authorized on this program, and according to HUD they aren't going to train more anytime soon:
"NOTE: Until further notice, the Office of Loan Guarantee, Section 184 Program is not offering program training. Sorry for the inconvenience. Your continued interest and support of the 184 Loan Program is appreciated."
If you have questions about this program, feel free to give me a call, and I will point you in the right direction. If you are a Native American, then definitely do not purchase a home until you call me, because you have some fantastic options!