There is a great loan program for Alaska Natives called the Section 184 loan guarantee program that many people are eligible for here in Nome, and I wanted to ‘demystify’ it a little bit.
First, this program is NOT a direct loan; that means you have to go thru a lender, not thru HUD to apply for the program.
Second this loan program is not restricted to low income borrowers.
Some highlights:
low downpayment of 2.25%
no mortgage insurance (PMI)
1% loan guarantee fee (can be rolled into the loan)
Let me know if you would like the names of some lenders who handle these types of loans!