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HUD 184

Is HUD 184 For You?

What Is The HUD 184?

The HUD 184 Indian Home Loan Guarantee Program is a home mortgage product specifically designed for American Indian and Alaska Native families, Alaska villages, tribes, or tribally designated housing entities. Congress established this program in 1992 to facilitate homeownership and increase access to capital in Native American Communities.

Why Choose Us?

Here at Cook Inlet Lending Center we are dedicated to providing you or your tribal entity the HUD 184 loan product. We’ve made it our mission to provide you with an easy and efficient experience. When looking for financing for a home in Alaska, whether as an individual or tribal entity, consider a lender that is a part of Native American families and communities.

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Did You Know?

Your Tribe or Tribally Designated Housing Entity can take advantage of the HUD 184 loan for the following:

  • To develop rental housing or to build single family (1-4 units) homes that are subsequently sold (or assumed) by their members or eligible borrowers
  • Develop a project of up to 20 units at a time to serve the housing needs of your tribe and members
  • Purchase and rehab homes to either rent, lease to own, sell or whatever suits the needs of your tribe and members

Highlights

  • No income limits
  • 2.25% Down Payment
  • Competitive rates
  • Fixed Origination fee of $895
  • Flexible underwriting and in house processing
  • Available everywhere in the state of Alaska including tribal trust, individual allotted trust or fee simple land.
  • No limits on gifts to the borrower for down payment or other loan costs
  • Single family home up to four unit properties

Key Points

  • Be a member of a federally recognized tribe. See list of federally recognized tribes
  • Low monthly mortgage insurance
  • 30 or 15 year fixed mortgage
  • Rate and Term refinance
  • Cash out refinance with max financing of 85%
  • 1.5% Guarantee fee financed into the loan.
  • Knowledgeable staff. Our staff understands the Alaskan way of life. Having seasonal or contract careers and becoming master budgeters are the norm for most of our people and community.
  • No minimum credit score requirement although credit will be reviewed within the past 2 years to show few to no collections, judgments, bankruptcy, late payments or delinquencies.

Qualification Documents

  • Tribal card or letter from your corporation/tribe
  • Most recent 2 years tax returns with all pages
  • Most recent 2 years W-2’s and/or 1099’s
  • One month of pay stubs and/or award statements for retirement income
  • Two months complete bank statements with all pages
  • Two complete years of residence address
  • Amount paid in rent
  • Landlord’s name, address, and phone number to verify rental history
  • Most recent two years of employment history including the following: Employer Name, Address. Phone and Contact person.
  • SSA Card
  • Photo ID

What Can The HUD 184 Loan Be Used For?

Purchase A Home

HUD 184 Home Loan

HUD 184 allows you to purchase your first home or your last home!  We can help you achieve your dream with confidence at Cook Inlet Lending Center. 

  • One to Four Units
  • Loan limits apply based on where you live
  • No Income limits
  • 41% of your gross income is used for qualification
  • Only one applicant needs to be enrolled in a Federally Recognized Tribe or Corporation
  • Purchasing a home with HUD 184 also includes options for Single Close Renovation Purchase or Single Close Construction
  • HUD 184 has no credit score requirements. (Note: You must be in good standing regardless of score)
  • You can purchase anywhere in Alaska
Purchase A Home

Refinance Your Home

Standard Refinance

You can use this refinancing option if your current loan is not a HUD 184 loan.

Cashout

If you need to consolidate debts or receive cash, the HUD 184 loan will allow you to borrow up to 85% of the current appraised value of your home. All types of debt may be paid off and you may also receive up to $25,000 cash in hand at closing.

Streamline

If you currently have a HUD 184 loan and wish to reduce the interest rate or term of you loan, the Streamline refinance is a simple way to accomplish your goal. No appraisal, income or asset verification is required. You must have made your mortgage payment on time for the past twelve months.

  • Proof of tribal enrollment
  • Copy of photo id and social security card
  • Copy of your current note and mortgage
Refinance Your Home

Single Close Construction Loan

Construction Loan Information

At Cook Inlet Lending Center we specialize in the flexible HUD 184, including construction loans.  Whether you are interested in building from scratch, a stick built, or modular home, we are committed to helping you make your dreams a reality.

An optimal benefit of the HUD 184 construction loan is that it’s a single close loan, at 30 or 15 year fixed term with your permanent rate locked in at closing. Many construction loans require two closings resulting in added expenses and the risk that rates may go up while your home is being built. Work starts 30 days from the day of 

closing. You may roll up to 6 months of payments under certain circumstances. Must use a general contractor for this program.  Many homes in Alaska are out of date or suffer from neglect, and the HUD 184 loan has successfully made these homes safe and attractive places to raise a family.

Getting Started

Get pre-qualified for a loan amount before you start working with a builder. It is easy for plans to get out of control if you don’t have a budget for your builder/architect to work from.

Your builder must also qualify to build with this program. Have your builder contact our builder approval department early in the process to complete the necessary paperwork.

New Construction Loan

Single Close Renovation Loan

Renovation Loan Information

The HUD 184 Renovation Home Loan Program gives you the ability to purchase or refinance a home that may require rehabilitation to make it safe, or to remodel or expand your home.   The program has a minimal down payment of 2.25%, competitive interest rates and low monthly mortgage insurance that goes away at 78% loan to value.  Your down payment is based on the purchase price of the home and the total acquisition costs for the renovation.  Appraisal is based on the after improved value of the home. An added benefit of the HUD 184 renovation loan is that it is a single close loan which saves you money.

You may use the renovation home loan for two purposes:

1) For renovation or rehabilitation of a home you are purchasing; or

2) For renovations or additions to a home you already own."

Getting Started

For both renovation or rehabilitation, the property repairs must meet a minimum of $10,000.

In repairs, rehabilitation must include one or more of the following permanent improvements.

  • Structural alterations and reconstruction
  • Changes for improved functionality and modernization
  • Elimination of health and safety hazards
  • Changes for aesthetic appeal and elimination of obsolescence
  • Reconditioning or replacement of plumbing, air conditioning and electrical systems
  • Roofing, gutters and downspouts
  • Flooring, tiling, and carpeting
  • Energy conservation improvements
  • Site improvement, patios and terraces that improve the value of the property
  • Improvements for accessibility to the handicapped

Minor cosmetic repairs and appliances can be included after the initial $10,000 in eligible repairs have been meet.

Renovation Loan
Apply Now!

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CONNECT WITH US

info@cookinletlending.com

3600 Spenard Road, Suite 100
Anchorage, Ak 99503

907.793.3058

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