New program offers lower down payments and no monthly mortgage insurance for eligible Native American and Alaska Native borrowers
St. Louis – Gershman Mortgage today announced a home financing option designed for eligible Native Americans and Alaska Native borrowers.
The Section 184 Indian Home Loan Guarantee Program offers borrowers flexible options for purchasing or refinancing eligible primary residences.
“Gershman Mortgage is proud to be one of a select group of lenders approved to offer this program. A lot of Native American and Alaska Native buyers have run into extra hurdles with conventional financing, and this program removes some of the biggest ones – it’s not limited to reservation land, and the down payment can be as low as 2.25%. Whether someone's buying their first home or refinancing, our goal is to make the process feel less complicated,” said Jeff Ogden, Senior Vice President of Production at Gershman Mortgage.
The program offers:
- Down payments as low as 2.25% (or 1.25% if the loan is $50,000 or less)
- No monthly mortgage insurance, just a one-time, upfront fee
- Eligible for single-family homes, new construction, condos, townhome-style communities, 2-4 unit homes and manufactured homes
- Not limited to reservation land, buy anywhere in an eligible area
To learn more, click here.
