Refinance HUD Section 184 Loans
Refinance HUD Section 184 Loans Program is available for tribal members to refinance their existing mortgage and/or complete renovations to your home. Not only are interest rates low, but the program allows you to refinance up to 97.75% of the homes value. So if you have just purchased your home in recent years under another program and you want to get into this program. You may not have to bring anything to closing to refinance your mortgage.
If you have recently purchased a home with a FHA loan you can lower and drop your PMI. The Refinance programs PMI is only $15 per 100k financed (If above 80% LTV). Compare that with Conventional or FHA $80 per 100k and the savings is apparent.
Cash-Out Refinance HUD Section 184
The cash out-refinance option for the Section 184 program is a great alternative to using a home equity loan. You can consolidate bills, add renovations or get up to $25,000 cash in hand. You do have to be a member of a federally recognized tribe to refinance your existing mortgage through our HUD Section 184 Home Loan for Native Americans?
Refinance HUD section 184 Streamline Program is a wonderful option if you just want to lower your interest rate. The program has no appraisal requirements or income and asset documentation. So if you’re in the program and need to drop the payment in a hurry, Call us!
Loans Benefits include:
1. No appraisal, if you currently have a Native American Loan.
2. Monthly mortgage insurance decreases. This gives you a lower monthly payment.
3. There is no minimum credit score requirement. However, your credit does have to be good for at least 12 months. (No unpaid collections or 30 day late payments.)
4. Doublewides are eligible if the meet FHA Foundation requirements. (Primarily concrete with steel tie downs.)
5. Shorten the term of your note.
6. Consolidate current debt
7. Home Improvements and rehabilitation
8. Skip one monthly payment
9. No closing cost options available