The HUD Section 184 Loan is a home mortgage program designed for Alaska Native and Native American homebuyers.
It offers a low down payment, no credit score minimum, and flexible approval criteria.
It’s no wonder that Alaska is the second most popular state for Section 184 loans, with nearly 5,000 completed to date.
Alaska Native buyers should look into this program before embarking on their homeownership journey.
In this article:
- Benefits of an Alaska Section 184 Loan
- Eligible areas in Alaska
- Alaska Section 184 loan limits
- Section 184 calculator
- General requirements
- Section 184 approved lenders in AK
- Section 184 FAQ
- Start your Section 184 loan
Benefits of a Section 184 Loan in Alaska
Whether you’re buying a home in Alaska or the lower 48, Section 184 Loans come with huge benefits
- Only a 2.25% down payment required
- Down payment assistance is acceptable
- Cover closing costs with gift funds or assistance
- No monthly mortgage insurance
- Competitive interest rates
- Non-traditional credit and low credit scores are acceptable
- Purchase, build, renovate, or refinance a home
- Easier qualification criteria than FHA or conventional
- Buy on or off Tribal Trust land
Where in Alaska are Section 184 loans available?
The entire state of Alaska is eligible. That means any home in the state that meets requirements can be financed, no matter its exact location.
And, yes, this means that if a home is on Tribal trust land, it can still be financed with Section 184.
Native Alaskans can also buy a home in any approved state or county in the U.S., not just within Alaska.
Section 184 loan limits Alaska
Because housing costs in Alaska are higher, loan limits are also larger than in most of the U.S. For comparison, the standard nationwide limit is $420,680 in 2023, but $510,400 or higher in Alaska, and even more in some AK counties.
And, an even larger loan is available for a duplex, triplex, or quadplex.
Standard Alaska Section 184 loan limits
- 1-unit: $510,400
- 2-unit (duplex): $653,312
- 3-unit (triplex): $791,120
- 4-unit (quadplex): $979,968
Here is a sample of counties and loan limits by unit count. Counties not listed have loan limits equal to the standard in the state:
|ANCHORAGE||$ 510,400||$ 653,312||$ 791,120||$ 979,968|
|FAIRBANKS NORTH STAR||$ 510,400||$ 653,312||$ 791,120||$ 979,968|
|SITKA||$ 510,400||$ 653,312||$ 791,120||$ 979,968|
|JUNEAU||$ 511,750||$ 655,150||$ 791,900||$ 984,150|
|ALEUTIANS WEST||$ 545,100||$ 697,800||$ 843,500||$ 1,048,300|
These limits give Alaska Native homebuyers lots of options. Need to buy an $800,000 tri-plex in Anchorage? You can do that with this loan.
Keep in mind, though, that you need to qualify for the loan based on your income and current debts.
Contact a Section 184 lender for your personalized maximum home price.
Alaska Section 184 Loan calculator
It can be difficult to estimate your monthly payment, since there are not many good Section 184 Calculators online.
Our calculator shows your Section 184 down payment, upfront mortgage insurance, and your full payment.
General Section 184 Native American Home Loan requirements
To buy a home in Alaska with Section 184, you’ll need to meet certain requirements.
Corporation or Tribal membership: You’ll need a valid ID or letter from an Alaska Native Corporation or Native American Tribe.
Primary residence: The home you are buying, constructing, or refinancing must be your primary residence. This program does not allow you to buy second homes or investment properties. But you can buy a 2-4 unit property, live in one unit, and rent out the rest
Property type: Eligible properties are single-family residences, 2-4 unit homes, and manufactured homes on a permanent foundation
Loan purpose: Buy, build, renovate, refinance a home or place a manufactured home on a permanent foundation.
Credit: No credit score minimum, but you must have satisfactory credit history with no current judgments or other serious derogatory items.
Income: Two years of employment history. Your future housing payment plus all debt payments can be up to 41% of your gross income, or 43% with compensating factors
Alaska Section 184 lenders
Unlike FHA and conventional loans, most lenders do not offer Section 184 Loans. However, there are 44 Section 184 lenders licensed in Alaska. This should give you plenty of options. Most buyers call just 3-4 lenders when getting rate quotes.
Below is a list of approved Section 184 lenders in Alaska as of January 2023, according to HUD.
- Academy Mortgage Corporation
- Alaska USA Federal Credit Union
- Alaska USA Mortgage Company
- American Mortgage Bank, LLC
- AmeriFirst Financial Inc.
- Armstrong Bank
- Arvest Bank
- Bank of Albuquerque
- Bank of Cherokee County
- Bay Bank
- Bay Equity LLC
- Broker Solutions, Inc
- Caliber Home Loans
- Cherry Creek Mortgage
- Churchill Mortgage
- Citizens Bank of Ada
- Cook Inlet Lending Center
- DHI Mortgage Company, LTD
- Fairway Independent Mortgage
- FBC Mortgage LLC
- First National Bank & Trust Co.
- First National Bank of Alaska
- First United Bank and Trust Co
- FirstTrust Home Loans, Inc.
- Geneva Financial, LLC
- Grand Savings Bank
- Guaranteed Rate Inc
- Highlands Residential Mortgage, LTD
- Homestar Financial Corp
- Homestate Mortgage Company LLC
- Hometown Lenders Inc
- LeaderOne Financial Corporation
- Mortgage Brokers of Alaska Corp
- NEXA Mortgage, LLC
- Pacific Residential Mortgage, LLC
- Primary Residential Mortgage Inc.
- Princeton Mortgage Corporation
- Raven Mortgage LLC
- RCB Bank
- Residential Mortgage, LLC
- Sun West Mortgage Corp
- Tongass Federal Credit Union
- Vision Mortgage, INC
Section 184 Loans Alaska: FAQ
Section 184 Loans are available in the entire state of Alaska, including Tribal Trust lands. The loan is open to members of Alaska Native Villages and Native American Tribes.
You can buy a home in any Section 184-eligible area of the U.S. as long as you are a member of an Alaska Native Village or Native American Tribe and meet other qualification standards.
You will need a 2.25% down payment plus another 2-5% of the home’s price for closing costs. The entire down payment and closing cost total can come from approved assistance or gift fund sources.
Get started on your Alaska Section 184 Native American Home Loan
If you are an Alaska Native, you owe it to yourself to learn more about this program. It’s better than FHA, conventional, and most other loan types.
Check your eligibility with a Section 184 lender, and start your homeownership journey.