Anaheim, California-based Carrington Mortgage Services LLC (CMS) is now offering Section 184 Loans for Native Americans for its retail lending customers.
The Section 184 Loan Guarantee Program provides loans for American Indians or Alaska Natives who are enrolled members of a federally recognized Tribe, Alaska Village or Regional Corporation. These home loans are guaranteed 100% by the Office of Loan Guarantee within the Department of Housing and Urban Development’s Office of Native American Programs to encourage lenders to provide mortgage loans to Native Americans. For a home loan on tribal trust land, eligible borrowers lease the land from the tribe for 50 years.
Section 184 home mortgage loans are fully available in 24 states, including Oklahoma, Arizona, Colorado, Kansas, New Mexico and Utah; in 14 states, including Texas, New York and Connecticut, the loans are only available in certain counties and cities.
“The Section 184 Loan is a great product, in part because the costs are low when compared to other loan programs,” said Greg Austin, executive vice president of lending for CMS. “They’re becoming more and more popular as Native Americans realize there’s a specific product out there designed for them – especially on tribal land.”
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