Section 184 Indian Home Loan Guarantee Program In Riverside California Discussed By Kevin Leonard Mortgage Expert

A new page on Kevin Leonard’s mortgage website offers information about the HUD 184 loan requirements, and the HUD 184 credit requirements. Mr. Leonard and his team of real estate agents and mortgage professionals assist consumers in home loan products for home ownership.

(PRWEB) June 05, 2015

Kevin Leonard

Find out more about the Section 184 Loan Guarantee Program in Riverside by speaking with a mortgage expert at (951) 200-5750

To assist more Native access to home financing, the Office of Loan Guarantee inside’s HUD’s Office of Native American Programs, will offer to guarantee the Section 184 home mortgage loans offered to Native borrowers. By offering to guarantee these loans all the way to 100%, HUD encourages mortgage lenders to better serve the Native Communities. By offering this it will increase the value, and marketability of the Native assets, and will strengthen the financial stability of Native Communities. To speak with a mortgage expert about applying for the Section 184 Indian Home Loan Guarantee Program in Riverside County California click on the link provided.

The Section 184 Indian Home Loan Guarantee Program, also known as the HUD 184 loan is a home loan that is specifically designed for American Indian, Alaska Villages, Alaska Native families, Tribes, or Tribally Designated Housing Entities. Section 184 home mortgages can be used, on native lands and off native land, for rehabilitation, new construction, purchase of an existing home, or even a refinance. To find out more about a 184 loan in California speak with a mortgage professional by calling, 951-200-5750.

The borrower’s responsibilities are to make an application with a participating 184 lender, and to provide information to the mortgage lender. A lender must have received approval to process a 184 loan guarantee. A list of participating lenders is listed on the HUD’s Section 184 Indian Home Loan Guarantee Program website. Kevin Leonard’s real estate agents are familiar with HUD’s Section 184 Indian Home Loan Guarantee Program, and can assist those in need of shopping for a new home. The group just completed a new site dedicated to information regarding these types of home loans seen here, http://hud184.blogspot.com/

About:
Kevin Leonard is a mortgage professional who began in the mortgage business in 1997 and since then he has become one of the top mortgage specialists in the country, and has earned national acclaim for his efforts. Mr. Leonard prides himself in offering constant communication with his clients so that they have a full understanding of the loan process from start to finish. He is personally responsible for thousands of fundings, and along with his team, he has over 5 billion in residential loans funded to his credit. Mr. Leonard has a complete understating of the loan process from start to finish, and also consults with a long list of mortgage bankers in the secondary market. There are few, if any, that have the experience that Kevin Leonard has in the mortgage industry. He was one of the first to register with NMLS in 2008 when it was first instituted, and currently is licensed in the state of California as a loan originator. His team is partnered with the top real estate agents in San Diego because of the team’s fast pre-approvals with the ability to fund purchase loans quickly. To learn more about the HUD 184 loan in Temecula start by clicking on the highlighted link.
Contact:
Kevin Leonard
Phone: (951) 200-5750
NMLS #6279

Tribes - 184 Resources for Tribes and TDHEs

What is the Section 184 Loan Guarantee Program?

The Section 184 Loan Guarantee Program was designed to increase lending to Native American and Alaskan Native communities that were traditionally underserved by financial institutions. The Section 184 mortgage loans are guaranteed 100% by the Office of Loan Guarantee within HUD's Office of Native American Programs. This guarantee encourages national and local lenders to extend financing to Native Americans and increases the marketability of their current assets and future investments.

Our staff works with a wide network of Tribal and Private Sector partners to increase Native access to financing and their ability to leverage this financing and current assets to strengthen their community's financial standing. In conjunction with our Title VI Leverage Finance instrument, The Office of Loan Guarantee's Section 184 Loan Guarantee Program continues to successfully expand financing opportunities to Native Communities.

Why Should a Tribe Promote Section 184 Loans to our members?

The success of the Section 184 Loan Program has significantly improved how Native investments are valued by financial institutions. The Office of Loan Guarantee (OLG) has paved the way for 184 approved lenders to market directly to Native Communities and extend greater financing opportunities to Tribal members.

There are many advantages to using a Section 184:

Low Down Payment: 2.25% on loans over $50,000 and only 1.25% on loans under $50,000
Low Interest Rates: based on market rates, not on applicant’s Credit Scores
Flexible Underwriting: Our underwriters understand the unique issues and circumstances that Native Americans face when trying to obtain a mortgage in Indian Country.
Growing National Network of Approved Lenders: Our network of approved lenders includes both large national companies and local banks to suit your needs. Our Lenders have also been trained on the unique circumstances of Native homeownership.
Annual mortgage premium .15 percent payable monthly: a one-time up front 1.5% guarantee fee is paid at closing and can be financed into the loan.
Protection from predatory lending: Our program reviews fees our approved lenders charge to ensure the amounts are reasonable and comply with the program standards. Section 184 loans cannot be used for Adjustable Rate Mortgages (ARMs).
Low Risk: Despite the economic downturn, lenders have not reduced their activity in the Section 184 loan market as they have in other markets since our loans are guaranteed 100%.
Knowledgeable Staff: Our staff understands the unique circumstances associated with lending on Native Lands and work with borrowers to avoid default and foreclosure.

Participating Tribes and Eligible Areas

The Section 184 Loan is synonymous with home ownership in Indian Country.

Participating Tribes determine the areas where the Section 184 loan can be used.

Map of eligible areas by state

How Can a Tribe Participate in the HUD 184 Loan Guarantee Program?

A Tribe interested in participating must have the following as part of their Tribal Laws:

Tribal Court Jurisdiction over Real Property
Defined Eligible Area (usually the Tribal formula area)
Foreclosure Procedures
Eviction Procedures
Leasing Procedures
Tribal Trust and/or Allotted Trust Land Leases
Provision showing HUD 184 Guaranteed Loan as first lien priority.
Provision granting HUD and/or private lenders access to tribal lands for the purpose of servicing guaranteed properties.
Acknowledgement that should eviction and foreclosure procedures not be enforced, the Office of Loan Guarantee will cease making new loan guarantees within the tribe's area of jurisdiction

A copy of the ordinances, procedures, proposed lease(s) and tribal resolutions enacting these above items should be mailed to:

Office of Loan Guarantee, Attn: Director
National Office of Native American Programs
US Department of Housing and Urban Development
471 7th Street SW, Room 5143
Washington, D.C. 20410

Examples of Sample Leases, Resolutions, and Eviction & Foreclosure Procedures

How Can a Tribe Learn more about Promoting Section 184 Loans?

The Office of Loan Guarantee offers training to help Tribes, TDHEs, IHAs, and CDFIs to assist their members in securing Section 184 home loans.

Upcoming Trainings

Using Section 184 for Community Development

Tribes and TDHEs can use Section 184 Loans to develop rental housing or to build single-family homes that are subsequently sold (or assumed) by eligible borrowers.

The Section 184 Loan can be used for:

Acquisition of existing housing
Rehabilitation of existing housing
Construction of new housing, including manufactured housing affixed to a permanent foundation
Refinancing, including rate and term, streamline, cash out

Section 184 Loans are to be used only for single-family housing (1-4 units), and can only be fixed-rate loans for 30 years or less. Section 184 cannot be used for commercial structures or with Adjustable Rate Mortgages (ARMs). For Tribes interested in Commercial Financing see our Title VI Program.

Find an Approved Section 184 Lender

Once you are ready to apply for a Section 184 loan, contact one of our approved lenders. All of our approved lenders have undergone training on the unique circumstances of Native Homeownership.

List of Approved Section 184 Lenders

What Can a Tribe Do To Assist Tribal Members in Becoming Home Owners?

To support their members in becoming home owners, many Tribes offer:

Infrastructure Development: Providing roads, water and sewer, electricity or Internet cabling, or gift monies toward these projects
Down Payment Assistance: This could be in the form of a soft second, IDP, or Gift funds
Home Buyer Counseling: Offer classes on financial literacy, saving & investing, and house maintenance to better prepare tribal members for home ownership
Surveying: Surveying tribal lands
Leasehold Recording: The Tribe leases land to the Tribal member for homeownership
Planned Development Design: Developing architectural and housing development plans to provide scaled and unified growth on Trust lands
Green Building Incentives: Offering financial incentives for green house design and weatherization

Other Resources

Are you a Borrower? View Borrower Resources.

Are you a Lender or CDFI? View Lender Resources.

HUD 184 Loan | Section 184 Indian Home Loan Guarantee Program

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Friday, June 5, 2015

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