Want To Buy Your First Home? Why A Section 184 Home Loan Might Be Your Best Option
If you're a member of a recognized Native American tribe and you have dreams of owning your own home, it's time to talk to a lender about a Section 184 home loan. Section 184 home loans are designed to help Native Americans, like yourself, into their own homes. One of the great things about Section 184 home loans is that they're easier to qualify for, which means you won't be locked out of home ownership. If you're not sure that a Section 184 home loan is right for you, read the information provided below. If you fit into any of the categories described here, a Section 184 home loan might be your best option.
First-Time Home Buyers
If you've been trying to buy your first home but the conventional loan process has you locked out, now's the time to consider a Section 184 home loan. Buying your first home can be a real struggle, especially when you try to use conventional loan methods. Luckily, you won't need to deal with these struggles when you choose a Section 184 home loan. That's because this type of loan is designed to streamline the process, which makes it easier for first-time home buyers to get approved for a loan.
If you're ready to buy your first home but you want to make sure that refinancing will be an option down the road, talk to your lender about a Section 184 loan. Some loans can be difficult to refinance. Unfortunately, that prevents homeowners from utilizing the equity they build up in their homes. However, Section 184 loans aren't like that. You can use Section 184 loans to refinance your home quickly and easily. Not only that, but if you already have a conventional loan, you can use the Section 184 home loan to refinance down to better terms.
If you've just started building your credit, you might think that it's too soon to purchase your first home. With conventional loans, that might be the case. However, Section 184 home loans are different. One of the great things about Section 184 home loans is that there is no minimum credit score requirement. You just need to prove that you have a credit-worthy history.
If you've found a home that you like and it has a Section 184 home loan, it's time to talk to your lender. You might not realize this, but Section 184 home loans are assumable, which means you can take over the existing home loan. That process allows you to lock into the existing terms, which can reduce your overall costs.
Contact a lender like Today Lending to learn more.