Section 184k Native American Loan Qualifications
Section 184k Loan program is very similar to FHA in determining credit worthiness for a borrower. Eligible borrowers not only have to be registered member a qualified tribe. But must meet minimum standards.
HUD 184K does not have any credit score requirements and can’t be disqualified on credit score alone. Non traditional credit lines will be accepted.
Debt to income ratio can’t exceed 41%. If DTI is over 41% exceptions can be allowed with compensating factors that demonstrate a betterment to the borrower.
Sources of down payment can be gifted. This gift can be from the tribe. For example Cherokee Nation gifts 15k for tribal members that remain in the property over 5 years.
Bankruptcy is acceptable after one year chapter 13 and two years chapter 7. With Chapter 7 bankruptcy exceptions can be made after 12-23 months with documented unusual circumstances.
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