Rent or Buy a Home with the 184 Loan Program?

This is always a good question – should I buy a home or continue to rent my home.  If you are a Native American, it may make even more sense to purchase a home vs. renting a home.  Native Americans may qualify for the US Department of Housing and Urban Development’s “184 Loan Program”.  This loan program was designed to provide mortgage financing for Native American and Alaskan Native tribal members.


Here are 2 reasons you may want to consider the Section 184 Loan Program:  

  1. Low Down Payment: You are only required to pay 2.25% on loans over $50K
  2. The monthly mortgage insurance premium is lower than FHA or conventional

What can you use the Section 184 Loan for?

  1. Purchase an Existing Home
  2. Build a New Home (including manufactured homes on permanent foundations)
  3. Purchase and Remodel a Home
  4. Refinance a Home
  5. Refinance a Home and cash out (debt consolidation/home improvements)

Both renting and purchasing a home have their positives and negatives.  You can be a little more care free when renting a home, you don’t have to come up with a down payment and you have a landlord that can take care of things for you.  When you own a home, you have more responsibility, but you are investing in your future.  The money that you would pay to your landlord will go back into your pocket, almost like a savings account.


If you are interested in using the 184 Loan program for purchasing, building or refinancing a home, please give us a call.  We can discuss your goals and how the 184 Loan Program might work for you.  Give us a call at 888-639-2517, he will be more than happy to talk through the process.

    Call Today!  (888) 639-2517