Buying a home remains an American dream for many, but it can seem impossible once you start digging into how much those mortgages really cost you. It’s important to take advantage of every possible tax break, incentive or “short cut” (legally) that you can. However, those who enrolled in a Native American tribe often overlook one of the most valuable resources available. If this is you or someone you know, it’s time to learn about Section 184.
Don’t confuse this with “Section 8” housing which unfortunately has a stigma surrounding it and is focused on anyone who qualifies as low income. Section 184 is a program designed exclusively for any member of a tribe regardless of financial situation. It’s an “Indian Home Loan Guarantee Program” that offers the lowest possible mortgage rate for first time Native home buyers. However, that’s just the beginning of the perks. [Read more…]