The Wide World of Homebuying Assistance for Native Americans
Buying a house is an uphill battle, and if there are ways to give you an edge, you should take it! Native Americans can benefit from a number of special government assistance programs that are specially set up for them. Some of these initiatives can help when it comes to buying a house, including the part that includes coming up with the down payment. Jennifer Wilson , a real estate agent in Albuquerque who sells homes more than 44% quicker than the average agent in her area, says she works with about one buyer each year who uses a Native American-targeted government-sponsored loan program. Specifically, her clients go through the U.S. Department of Housing and Urban Development’s Section 184 loan program. Wilson is happy to clue her eligible clients in on Section 184 initiative. One reason she likes it is because the mortgage insurance premium is lower than for both conventional and FHA loans. “And of course, it’s a much lower down payment,” she adds. “It’s 2.25% versus 3% for conv...