HUD 184 Native American Home Loan Guarantee Program
• Low down payment: 2.25 percent on loans of more than $50,000 and only 1.25 percent on loans of less than $50,000.
• Fixed interest rate: Lenders charge market rate. No adjustable rate mortgages are permitted. Fees are monitored to prevent predatory loans.
• No monthly mortgage insurance: A one-time 1.5 percent fee is paid by the borrower at closing and can be financed into the loan. In addition, loans with a loan to value of 78 percent or greater will be subject to an annual 0.15 percent mortgage insurance premium.
• Manual underwriting: The program uses a hands-on approach to underwriting and approval, as opposed to automated decision-making tools.