Section 184 Loan Guarantee Program

 

The Lumbee Tribe of North Carolina does not administer the Section 184 loan at this time, but can offer information about the program and make referrals to possible lending agencies.  Tribal staff assists housing applicants in accessing and/or applying for resources, including applicable federal, state, and tribal programs.  In addition to making referrals to lending institutions, tribal staff may promote leveraging with the Lumbee Tribe’s Down Payment Assistance Program or with other agencies (i.e., North Carolina Indian Housing Authority).

Frequently Asked Questions

Frequently Asked Questions (FAQs) about the Section 184 Loan

 

1.   What is the Section 184 Loan Guarantee Program?

The Section 184 Loan Guarantee Program was created by the Housing and Community Development Act of 1992 to address the lack of mortgage lending in Indian Country.  The Section 184 Loan Guarantee Program offers a loan guarantee to private sector lenders who make mortgage loans to eligible borrowers for homes located in Indian Country.


2. What are the some of the advantages of the Section 184 Loan Guarantee Program?

 

  • Low down payment

  • Fixed interest rate

  • Eligibility to refinance existing loans


3.  Who can participate in the Section 184 Loan Guarantee Program?

In order to participate in the Section 184 Loan Program as a member of the Lumbee Tribe of North Carolina, tribal members must be currently enrolled and must use the loan within the area of the State of North Carolina.


4.  May I apply for the Down Payment Assistance Program and the Section 184 Loan Guarantee Program?

Yes.  However, you may not apply for both Down Payment Assistance and Homeownership.

 


5. Are 184 Loans interest free?

No, fixed interest rates are applied by the participating lender.

 


6. Do I have to build a house with this program or may I buy an existing house?

You may use the Section 184 Loan for new construction, rehabilitation, or purchase of an existing house.

 


7. Is there a credit check with the Section 184 Loan Program?

Yes, participating lenders will determine credit worthiness in the same manner as usual for other prospective home buyers.

More Information

For more information on the Section 184 Loan you may visit the following websites:

 

First Time Homebuyers for Military Families

For local inquiries, you may contact Lumbee Guaranty Bank at 910.521.9707.

First Time Homebuyers for Military Families

 

 

Kathy Locklear 

Financial Education/Housing Manager
Phone:  910.522.5479
E-mail: klocklear@lumbeetribe.com

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