Hilde's Mortgage Blog

The HUD184 loans came on the scene around 1995 and mainly focused on lending on Native Trust Land. Since all of Alaska is covered by Indian Housing Authorities, all of Alaska qualifies for these loans. They work very well in Alaska. For the most part they follow FHA guidelines.

Several aspects make them superior to FHA financing. For one the loan limits for a one unit single family home is $544,185. The up front mortgage insurance premium is only 1% of the loan amount and like FHA loans can be added to the loan amount. These loans do NOT have monthly mortgage insurance, translating in a sizable monthly savings for the borrower. The debt to income ratio shouldn't exceed 41% of the qualifying income, but there is some room for flexibility. The required down payment is only 2.25%. The funds for the down payment can be from the borrower's savings or a gift from acceptable sources.

The loans are eligible for AHFC programs and their respective interest rates in addition to other available investors.

Amongst other typical borrower qualifying requirements the borrower has to be Alaska Native or American Indian. In the case of multiple borrowers, only one has to meet that criteria.

Call me for a full description of the HUD 184 program.