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Mortgage Calculator

Figuring out what your monthly house payment will be is an important part of determining how much house you can afford. Your housing expense is likely to be the biggest part of your cost of living. The mortgage calculator lets you estimate your Section 184 mortgage payment when you buy a home or refinance. You can change loan details in the calculator to run scenarios to calculate a principal and interest payment.  This is commonly called a P&I (principal and interest) payment. To calculate your total monthly housing expense, you will want to add the property taxes, homeowners insurance, and any applicable mortgage insurance to your P&I payment. 

Principal: This is the amount you borrow. Each mortgage payment reduces the principal you owe.

Interest: What the lender charges you to lend you the money. Interest rates are expressed as an annual percentage.

Property taxes: The annual tax assessed by a local government authority on your home and land. You pay about one-twelfth of your annual tax bill with each mortgage payment, and the servicer saves them in an escrow account. When the taxes are due at the end of the year, the loan servicer pays them.

Homeowners insurance: Your policy covers damage and financial losses from fire, tornados, theft, hail storms, and other perils. As with property taxes, you pay roughly one-twelfth of your annual premium each month, and the servicer pays the bill when it's due annually.

Mortgage insurance: If your down payment is less than 20% of the home’s purchase price, you’ll likely pay mortgage insurance. A primary benefit of the Section 184 loan is that the cost of this mortgage insurance is greatly reduced to decrease the monthly payment of the eligible borrower. Mortgage insurance protects the lender’s interest in the event that a borrower defaults on a mortgage and goes into foreclosure. Once the equity in your property increases, the mortgage insurance can be canceled on a Section 184 Native American Mortgage.


Am I Eligible?

Obtaining a HUD Section 184 Native American home loan is fast and free!

In Oklahoma, only a small portion of tribal members are aware of the Section 184 Native American Home Loan Benefit, even though they may be eligible. To qualify, you must be an American Indian or Alaska Native who is a member of a federally recognized tribe over the age of 18 who will occupy the property as a principal residence.

If you are considering a Section 184 Tribal Loan to buy a home or refinance your current loan, the fastest and easiest way to find out if you are eligible is to get qualified with a Native American Mortgage Specialist who can help you determine your eligibility, monthly payment savings, maximum loan amounts, and program advantages.

Get Qualified More Information

Section 184

news & info

  • Office of Native American Programs Sets a Date to Closeout the Section 184 Program Fiscal Year 08/23/2022

    At the end of every fiscal year, HUD and the Office of Native American Programs suspend activity for the Section 184 Native American Mortgage Home Loan program to reconcile financial accounts and set up accounting codes for the next fiscal year. The closeout period ... READ MORE
  • 2022 Section 184 Native American Mortgage Loan Limit Increase! 05/18/2022

    THIS IS HISTORIC NEWS FOR ALL OKLAHOMA FEDERAL TRIBAL MEMBERS!  It was just released that the Department of Housing and Urban Development (HUD) increased the maximum loan amount for the Section 184 Native American home loan to $420,680!! This applies to ALL of ... READ MORE
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