Purchase and Refinance
Make Homeownership
A Reality
Mortgage Loan Options
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Conventional
A conventional loan is a type of loan that is not insured by the government. Conventional loans offer more flexibility and fewer restrictions for borrowers, especially those borrowers with good credit and steady income.
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FHA Home Loans
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
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VA Loans
The VA Loan provides veterans with a federally guaranteed home loan which requires no down payment. This program was designed to provide housing and assistance for veterans and their families.
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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.
The Loan Process
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The first step in obtaining a loan is to determine how much money you can borrow. In case of buying a home, you should determine how much home you can afford even before you begin looking. By answering a few simple questions, we will calculate your buying power, based on standard lender guidelines.
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Home loans come in many shapes and sizes. Deciding which loan makes the most sense for your financial situation and goals means understanding the benefits of each.
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Although lenders conform to standards set by government agencies, loan approval guidelines vary depending on the terms of each loan. Generally, approval is based on two factors: your ability and willingness to repay the loan and the property's value.
Once your loan application has been received, we will start the approval process immediately. Your loan processor will verify all of the information you have given. If any discrepancies are found, either the processor or your loan officer will troubleshoot to straighten them out.
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After your loan is approved, you are ready to sign the final loan documents. You must review the documents before signing and make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate. The signing usually takes place in front of a notary public.
Your HUD-184 Specialists
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.
Tribes and Tribal Entities
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
More about HUD-184
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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
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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.
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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
Why CILC?
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 who understands the uniqueness of Alaska and Alaskans, because we are Alaskans!