We Are Your Local Source for "Section 184 Indian Housing" Loan Information
Mission Grove Realty is proud to support our local Native American Community. We are a locally owned company
with strong ties to the community. We live, work, shop and raise our families here. Our staff of local Realtors has
extensive knowledge of the area and can help you find the right property and provide the tools you need to make
the right decision when purchasing a new home. All of our services to home buyers are without cost to you. If you
are looking for your 1st home or you are a seasoned home buyer, we are certain that, after choosing Mission
Grove Realty, we will be your #1 choice in local real estate.
What is the Section 184 Loan Guarantee Program?
Congress established the Section 184 Indian Housing Loan Guarantee Program in 1994. The program is
designed to offer home ownership, property rehabilitation, and new construction opportunities for eligible tribes,
Indian Housing Authorities and Native American individuals and families wanting to own a home on trust land or
land located in an approved Indian or Alaska Native area. Mission Grove Realty would like to assist local Tribal
Members in the purchase of a new home utilizing this program to help you purchase the home of your dreams.
Does This Program Apply Only to Homes on Tribal Land?
This program applies to nearly any property within the State of California which is designated as an “Indian Area”
as defined in The Native American Housing Assistance and Self Determination Act of 1996.You can contact a
Realtor at Mission Grove for more information and to see if your area is included.
Who Can Qualify?
We have created a list of local Tribes enrolled in the program. All Tribal Members are eligible.
Local Tribes Eligible to Participate:
• Soboba Band of Luiseno Indians
• Santa Ysabel Band of Diegueno Indians
• Pala Band of Mission Indians
• Morongo Band of Mission Indians
• Cabazon Band of Cahuilla Mission Indians
• Barona Group of Capitan Grande Band of Mission Indians
Not listed? Contact Mission Grove for information on how you can obtain eligibility to participate in the 184 Indian Housing Loan
Guarantee Program. (951) 927-8940.
How Much Can I Borrow?
The current loan limit is $544,000 (150% of current FHA guidelines) and includes single family homes as well as
manufactured homes on their own land (Fee Simple) and permanently affixed to the land. The amount you can
borrow will be determined by your current income and the amount of your current debts. Your prior credit history
is not the main factor in qualifying for a 184 loan product.
Do I Need a Down Payment?
Current rules require a down payment of 2.25% of the purchase price. ($2,250.00 for every $100,000.00
borrowed). This money can be from your savings, investments or can also be a gift from a friend or family
member. There is no requirement for “seasoning” of the down payment.
Do I have to Have Mortgage Insurance?
Private Mortgage insurance (PMI) is not required when utilizing the 184 program. Private mortgage insurance can
add thousands of dollars to standard loans. This is another reason why using Mission Grove Realty and the
Section 184 Indian Housing Loan Guarantee Program make good financial sense.
Can I Borrow More Than The Maximum?
No problem. The “184 program” allows for the buyer to obtain a “conventional” 2nd trust deed when the purchase
price of your home exceeds the maximum ($544,000.00). If you purchased a home for $750,000.00, you could
use the 184 as the primary loan (1st) and obtain a conventional loan of $206,000.00 for the balance (2nd).
Conventional terms and rates would apply to the 2nd loan.
What About My Credit History?
Unlike most conventional loan programs, there are no FICO Score requirements. Some types of delinquency are
O.K. and having no credit is not usually a problem either. Some delinquent accounts may need to be paid or
brought current prior to funding your new loan.
What Is The Interest Rate?
The 184 program utilizes FHA rates and are fixed for 30 years with no prepayment penalties.
I’m Ready! Where Do I Start?
Most will find that there is no better program available to finance their new home. Mission Grove Realty can assist
you in locating an approved lender specializing in this Government program. Mission Grove Realty does not
provide loans and feel that loans should be left to professional lenders. When you choose Mission Grove Realty,
our only goal is to find you the right home and make certain that you have access to the tools you need to make
an informed decision.
Contact a Mission Grove Real Estate Professional at:
- Visit us online at: www.missiongrove.com where we have a wealth of information
available to you 24 hours a day. You can search for homes, land and investment property,
research area information and find additional tools that can help you find the right home
and make the right decision. All without providing personal information. The information
we make available to you is free…the way it should be!
Thank You!
Thank you for visiting us here. We hope that you have found this information helpful and look forward to serving
all of your real estate needs. Call us anytime for more information about this program or one of the many others
available to our clients, neighbors and friends.
As a special thank you in support of our community, we will
donate $1,000.00 to the Noli Indian School or local organization of your choice when you purchase a
home with Mission Grove Realty using the 184 loan program.
