Section 184 loans increase homeownership opportunities Submitted by Bay Bank

Oneida Nation members have an extra tool at their disposal when looking to buy a home - the U.S.

Department of Housing and Urban Development (HUD) Section 184 Indian Housing Loan Program, which Congress established in 1992 to eliminate some of the barriers between Native Americans and home ownership.

The Section 184 loan is a 15 or 30-year fixed-rate mortgage with regular monthly payments including escrow, which is money collected throughout the year that homeowners use to pay their property taxes and homeowners' insurance. The loan features a low down payment with flexible underwriting and no mortgage insurance requirement.

Oneida Nation members, as well as members from other nations, may be eligible for the Section 184 loans, which can be used for:

· Buying an existing home

· Home improvements

· New construction

· Refinancing While Section 184 loans provide a great opportunity for potential homeowners, it is still important to make sure your finances are in the best condition possible when you meet with a lender. Start with the following steps:

· Begin saving for a down payment

· Stay current with existing payments

· Avoid taking on additional debt

· Get a free copy of your credit report at annualcreditreport.com to clear up any issues Learn more by contacting Tanya Krueger, Vice President at Bay Bank by emailing [email protected].