HUD184 loans

The Section 184 Indian Home Loan Guarantee Program is a mortgage product specifically for America Indian and Alaska Native families, tribes, Alaska Villages or tribally designated housing entities. With Section 184 financing you can get into a home with a low down payment, no mortgage insurance and flexible underwriting.

HUD184 Loan Benefits Include:

• 2.25% down payment
• Loan is assumable by a qualified buyer
• No loan prepayment penalties
• No monthly mortgage insurance
• Seller allowed to pay some closing and prepaid costs
• Some closing costs may be financable if appraisal is higher than sales price
• Flexible underwriting and credit guidelines

American Indians and Alaska Natives who are members of a federally recognized tribe, are members of Alaska Villages and/or Regional Corporations are among those qualified for this program.

FHA loans 

An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low to moderate-income families who do not meet requirements for conventional loans.

FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are market rates, while down payment requirements are lower than for conventional loans.

FHA Loan Benefits Include:

• 3.50% down payment 
• Seller allowed to pay some closing and prepaid costs 
• Lower monthly mortgage insurance premiums
• More flexible underwriting criteria than conventional loans
• FHA limits the amount lenders may charge for some closing costs
• Loans are assumable to qualified buyers
• No loan prepayment penalties 

VA Loans 

VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if the borrower fails to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower receives a favorable market rate.

VA Loan Benefits Include:

• No down payment required
• Seller allowed to pay all closing costs and most prepaid expenses
• No private mortgage insurance requirement
• No loan prepayment penalties
• Loans are assumable to qualified buyers
• Flexible underwriting and credit guidelines
• Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan

A Certificate of Eligibility from the VA is required to receive VA financing. Most veterans have this document. If not, the lender may obtain this directly from VA.  

Alaska Housing Finance Corporation

(AHFC) is a self-supporting public corporation with offices in 16 communities throughout Alaska. The mission is to provide Alaskans access to safe, quality, affordable housing. Alaska Housing offers a wide range of programs including but not limited to first time home buyers, veterans, rural housing, and further interest rate reductions for home energy efficiency and low income borrowers. See http://www.ahfc.state.ak.us for more information about the many programs and home buyer education available to all Alaskans.

At Residential Mortgage we are able to combine all of Alaska Housing's programs with the major government programs highlighted above.