Posted on

Indian Home Loan Guarantee Section 184

Section 184 is a mortgage product specifically for American Indian and Alaska Native families, tribes, Alaska Villages or tribally designated housing entities. Congress established this program in 1992 to facilitate homeownership in Native American communities.

Borrowers can purchase a home with a low down payment, no monthly mortgage insurance and flexible underwriting.

  • 2.25% down payment requirement for loans over $50,000;
  • 1.25% downpayment requirement for loan under $50,000;
  • No monthly mortgage insurance
  • A one-time, 1% loan guarantee fee that can be added to your financed loan
  • HUD underwriters and Loan Guarantee Specialists are familiar with the unique issues and circumstances that Native Americans face when trying to obtain a mortgage in Indian Country.

The Section 184 Loan Provides Numerous Options

  • Purchase of an existing home
  • Construction of a home (stick-built or a manufactured home on a permanent foundation)
  • Rehab loans
  • Purchase and rehab
  • Refinancing (Rate and Term, Streamline, Cash Out)

Getting Started

To qualify for a home loan, it’s recommended (but it’s not mandatory) that applicants first find out if there are homebuyer education classes available through their tribe, housing department and/or in their community.  Homebuyer classes prepare you for the home buying process, so that when you meet with a lender you’ll have a better understanding of what it takes to qualify for a home loan.  To apply for a 184 loan, you must contact a HUD-Approved Section 184 lender.

Call us today 665-8559 and let us help you navigate these waters!

Posted on

Home Buyer Tax Credit Deadline Is April 30th

Home Buyers don’t miss out! The tax credits offered by the Federal Government has been extended through April 30, but is not expected to be extended again.

First Time Home Buyers can receive up to $8,000. The credit is for 10 percent of the purchase price of the home and does not need to be repaid. This is a direct credit meaning that you do not need to have incurred any tax obligation to receive money. Also, beginning November 7, 2009, an additional category of new homebuyers, long-time residents (who owned their own homes), was added. The credit for this group is a maximum of $6,500, which, with some exceptions, does not have to be repaid.

To be eligible for a tax credit a buyer must be under contract by April 30, 2010 and close on the property before July 1, 2010.

To get details on tax credit options visit the IRS Website at: www.irs.gov.

Posted on

The First Impression

The first impression is very important when you are  selling your Tulsa home. When I hear “first impression”, I think “curb appeal”. An attractive curb appeal is critical if you want to sell fast.

If your house doesn’t look good from the outside, chances are that Tulsa buyers won’t even stop to visit it. In order to show how beautiful the inside is, your Tulsa home needs to catch the potential buyers’ eyes right away. A few little changes go a long way.

Below are a few solutions you can adopt:

  • Clean up; rake leaves and kill weeds. Trash cans and cars should be out of sight because you want people to focus on your house and nothing else.
  • Add color to spice up the front of the house. Simple but colorful flowers, foliage and fresh mulch are all you need to make potential buyers feel welcome.

The impression the front door area makes is crucial. Buyers have plenty of time to look around and notice the flaws while waiting for the agent to unlock the door. Therefore you should:

  • Replace the house numbers (if needed) or spray paint them black.
  • Replace mailbox if dated or spray paint it black to freshen it up.
  • Make sure your doorbell works.
  • Add a welcome door mat.

Last but not least, don’t forget to clean up the windows to maximize natural light.

All this should help you make an amazing first impression. Your curb appeal will show nicely, your Tulsa home will look well maintained and buyers will be eager to discover the inside.

Staging tip of the week:

To clean your windows inside and out, you need a window cleaner along with a squeegee. Use a vertical motion on one side and a horizontal motion on the other. That way, you will know what side streaks are on for follow-up cleaning.

Good luck!
Virginie Gill, Certified Staging Expert
Owner of Voila Design