Section 184 Loans Oklahoma: Affordable Homeownership For Native Americans

Oklahoma has the highest number of Section 184 Loans completed in the U.S. by far. In fact, about half of all Section 184 or “HUD 184” loans are in the state – more than 20,000 to date.

And for good reason. More than 500,000 Native Americans call Oklahoma home, representing about 13% of the population.

It’s no wonder that the word is spreading among Oklahoman Native Peoples about this low-cost path to homeownership. Here’s what to know about buying a home with a Section 184 Loan in Oklahoma.

In this article:

Benefits of an Oklahoma Section 184 Loan
Eligible areas in Oklahoma
Oklahoma Section 184 loan limits
Oklahoma Section 184 calculator
General requirements
Native American Tribes in Oklahoma
Section 184 approved lenders in OK
OK Section 184 FAQ
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Benefits of a Section 184 Loan in Oklahoma

No matter what state you buy in, Section 184 Loans come with huge benefits

2.25% down payment
Down payment assistance accepted
No monthly mortgage insurance
No credit score minimum
Finance a home on or off reservation land
Purchase, build, renovate, or refinance a home
Easier qualification criteria than FHA or conventional

The Section 184 Loan is a flexible financing option that is only available to Native Americans. If you are an enrolled member of a federally-recognized Tribe, it’s worth considering this loan program before others.

Where in Oklahoma are Section 184 loans available?

Though Section 184 Loans are only available in certain states and counties., Oklahomans can rest easy knowing the whole state is approved.

And, contrary to popular belief, this loan can be used on or off reservation land.

This is one of the loan’s biggest advantages. Most loan types do not allow you to buy on Tribal trust land. But if you’d rather buy elsewhere, you can do so in any Oklahoma neighborhood.

Is your tribe based outside of Oklahoma? That’s okay. Members of any HUD-approved Tribe can use this program for an Oklahoma property.

Loan limits in Oklahoma

Section 184 loan limits are the same in every Oklahoma county, at $420,680 for a 1-unit home. Higher limits are available for 2-, 3-, and 4-unit homes.

1-unit: $420,680
2-unit: $538,650
3-unit: $651,050
4-unit: $809,150

These limits give you plenty of room to buy the home you want, even if it’s higher than the Oklahoma average of $190,000. Keep in mind, though, that you need to qualify for the loan based on your income and current debts.

To receive your personalized maximum approved home price, contact a Section 184 Loan lender.

Oklahoma Section 184 Loan calculator

You may be curious about your monthly payment after you receive an Oklahoma Section 184 Loan. This calculator will estimate your down payment and monthly costs based on your criteria.

See the Oklahoma Section 184 Calculator

General requirements

In any state, you’ll need to meet certain requirements for this loan.

Tribal membership: You’ll need valid ID from a federally-recognized Tribe. Your Tribe also must be approved by HUD to participate in the program.

Primary residence: You must plan to live in the home you’re financing. No 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: 1-4 unit home or manufactured home 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 reasonable 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.

Lease: If buying on reservation land, you must obtain a lease from the Tribe. You’ll also need a Title Status Report from your local BIA office.

Native American Tribes in Oklahoma

To be eligible for the program, your Tribe must be approved by HUD. A good place to start is our Approved Tribes list. Always be sure to check the housing section of your Tribe’s website for the most current Section 184 status.

Below is a list of Oklahoma Tribes and links to their websites, according to Oklahoma.gov. Keep in mind that not every Tribe below is approved for Section 184.

Oklahoma Section 184 lenders

Unlike FHA and conventional loans, most lenders do not offer Section 184 Loans. The good news, though, is that there are more than 60 Oklahoma Section 184 lenders. This gives you plenty of options when shopping around.

Below is a list of lenders that are approved to offer Section 184 loans for Oklahoma properties as of January 2023, according to HUD.

Oklahoma Section 184 FAQ

Are Section 184 Loans available in Oklahoma?

Yes. The entire state is approved for Section 184 Loans, so you can buy on or off reservation land anywhere in the state.

Can I use the Section 184 program in Oklahoma if my Tribe is not located there?

Yes. A member of any federally-recognized Tribe that is HUD-approved can use the loan program in any eligible state or county.

How much does an Oklahoma Section 184 Loan cost?

The loan requires 2.25% upfront plus closing costs, which are typically an additional 2-5% of the home’s price. Down payment assistance can be used to cover some or all of this cost. You’ll receive a monthly payment quote based on your purchase price and loan details when you apply.

Get started on your Oklahoma Section 184 Loan

Oklahoma is by far the most popular state in the country to receive a Section 184 Loan.

Start your homebuying journey and join the over 20,000 Native Americans who have used this program to buy an affordable home.

Author

Tim Lucas

Tim Lucas spent 11 years in the mortgage industry helping everyone from first-time buyers to experienced investors. He purchased his first home at 26 with just $1,100 out-of-pocket and now owns real estate worth $2.4 million. Tim was the managing editor at national websites TheMortgageReports.com and MyMortgageInsider.com and has been featured in publications such as Time, U.S. News, MSN, and more. Connect with Tim on LinkedIn, Twitter, and TikTok.

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