July 17th, 2013 by Tenna Salas
What is a Section 184 – Native American Loan and where can we get one?
Today Lending finances Native American Loans and Tenna Salas can help you find your new home.
These loans can be used to purchase a home or refinance your current loan.
They are similar to FHA loans but have several strong advantages.
Only 2.25% Down Payment is required. The down payment can come from your
own funds, a gift from a family member, or a first time buyer grant from your tribe.
Monthly mortgage insurance is NOT required. This gives you a much lower monthly
payment and allows you to buy a better house on the same budget.
There is no minimum credit score requirement. However your credit file does have to be
good for the last 12 months. (No unpaid collections or 30 day late payments.)
The seller can pay up to 6% of the purchase price towards your closing costs. This keeps
more money in your pocket for moving expenses and fixing up your new home.
Doublewides are eligible if they meet FHA foundation requirements.
(Primarily concrete runners with steel tie downs.)
If you already own a home, you can refinance your current mortgage with a
Native American loan to reduce your payment, get cash out, or both.
Call Tenna Salas with Nikkel and Associates (316) 806-1915 to find your new home!
Contact David Walter at Today Lending for Loan Preapproval 918-388-9713
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