On Tuesday, Aug. 19, the Delaware Tribe will host a Housing/Loan Seminar at the Delaware Tribal Complex, 170 NE Barbara, Bartlesville, Okla., in Forsythe Hall at the Community Center at 6 p.m.
The seminar, presented by Legacy Tribal Consultants, will provide details of the Section 184 Native American Home Loan program. This event is free and open to the public. A question and answer session will follow the presentation.
The Section 184 loan program offers competitive, low mortgage interest rates for: home purchase, refinance, rehab or construction including double-wide and modular homes — and loans are not limited to property on tribal lands.
Approved borrowers must be members of a federally recognized tribe with photo I.D. and tribal registration card.
Unlike traditional loan programs which are credit-score driven, Section 184 loans do not require a particular credit score. Instead, borrowers must demonstrate a pattern of good rental or mortgage history for the past two years, have all credit collections, judgments and tax liens paid, and have two years of work history in the same line of work and/or school enrollment.
Approved borrowers must be currently employed with verified income and those with past credit problems must provide written explanations of derogatory credit.
The loan program, guaranteed by the Dept. of Housing and Urban Development (HUD), has lower down-payment requirements than traditional loan programs. The Section 184 loan program offers borrower down payments of only 2.25% for mortgages over $50,000 and just 1.25% for mortgages under $50,000.
In addition, the source of down payment funds may be: borrower’s own funds, gift funds, secured loan funds or tribal down payment assistance.
Another attractive feature of the Section 184 loan program is that in purchase scenarios, contracts may specify that sellers pay prepaid fees, such as taxes and insurance, and other costs at the home closing. For more information, call the Delaware Tribe of Indians at 918-337-6590.
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