Homeownership Opportunities Abound for Native American Community
(Tulsa, Okla.) -- SpiritBank recently received the Direct Guarantee Endorsement from the Department of Housing and Urban Development on Section 184 Loans for Native Americans. This program, a mortgage product specifically for American Indians, was established by Congress in 1992 to facilitate home ownership in Native American communities.
With the Direct Guarantee Endorsement Designation, SpiritBank can underwrite these loans directly.
Bruce Schultz, Vice President of SpiritBank Mortgage, states that SpiritBank’s Section 184 endorsement “is a major step forward in our mission to bring affordable home ownership to Native American homebuyers across our state.”
With a Section 184 mortgage, members of federally recognized and approved Native American Nations can purchase a home on a 30-year fixed rate loan with as little as 2.25% down. The loan also contains no monthly Private Mortgage Insurance and can be used for purchase or refinancing.
According to the National American Indian Housing Council, “the Native American homeownership rate is estimated to be as low as 33%, the lowest among all ethnic groups.” However, in a review of Home Mortgage Disclosure Act data revealed a 39% increase in housing loans to American Indians between 1997 and 2001.