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
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.
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.
- Alabama-Quassarte Tribal Town
- Absentee Shawnee Tribe
- Caddo Nation
- Cherokee Nation
- Chickasaw Nation
- Choctaw Nation
- Citizen Potawatomi Nation
- Comanche Nation
- Delaware Nation
- Delaware Tribe of Indians
- Eastern Shawnee Tribe
- Fort Sill Apache Tribe
- Iowa Tribe
- Kaw Nation
- Kickapoo Tribe
- Kiowa Tribe
- Miami Tribe
- Muscogee (Creek)
- Osage Nation
- Otoe-Missouria Tribe
- Ottawa Tribe
- Pawnee Nation
- Peoria Tribe of Indians
- Ponca Nation
- Quapaw Tribe
- Sac & Fox Nation
- Seminole Nation
- Seneca-Cayuga Tribe
- Shawnee Tribe
- Tonkawa Tribe
- United Keetoowah Band of Cherokees
- Wichita & Affiliated Tribes
- Wyandotte Nation
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.
- 1st Capital Mortgage LLC
- Academy Mortgage Corporation
- American Bank of Oklahoma
- American Financial Network Inc
- American Mortgage Bank, LLC
- AmeriFirst Financial Inc.
- Armstrong Bank
- Arvest Bank
- Associated Mortgage Corp
- AVB Bank
- Axia Financial, LLC
- Bank of Albuquerque
- Bank of Cherokee County
- Bank of Commerce
- Bay Bank
- Bay Equity LLC
- Broker Solutions, Inc
- Caliber Home Loans
- Centennial Home Mortgage, LLC
- Champion Home Loans
- Cherry Creek Mortgage
- Citizens Bank of Ada
- Citywide Mortgage
- Cross Country Mortgage
- DHI Mortgage Company, LTD
- Diversified Lending Group / Cross Timbers Mortgage
- Edge Home Finance Corporation
- Fairway Independent Mortgage
- FBC Mortgage LLC
- First American Mortgage Inc
- First National Bank & Trust Co.
- First Oklahoma Mortgage, LLC
- First Pryority Bank
- First United Bank and Trust Co
- Firstar Bank
- FirstTrust Home Loans, Inc.
- Flat Branch Mortgage, Inc.
- Geneva Financial, LLC
- Grand Savings Bank
- Guaranteed Rate Inc
- Highlands Residential Mortgage, LTD
- Home Mortgage Resource Inc
- Homestar Financial Corp
- Hometown Lenders Inc
- Hunt Mortgage Services
- Interlinc Mortgage Services LLC
- LeaderOne Financial Corporation
- McClain County National Bank
- MLD Mortgage Inc / The Money Store
- NEXA Mortgage, LLC
- Pacific Residential Mortgage, LLC
- Price Mortgage Group, Inc
- Primary Residential Mortgage Inc.
- Princeton Mortgage Corporation
- RCB Bank
- Spurr Mortgage, Corp
- Summit Funding Inc
- Sunflower Bank / Guardian Mortgage
- Sun West Mortgage Corp
- United Fidelity Funding Corp.
- V.I.P. Mortgage, INC
- ZFG Mortgage LLC
Oklahoma Section 184 FAQ
Yes. The entire state is approved for Section 184 Loans, so you can buy on or off reservation land anywhere in the state.
Yes. A member of any federally-recognized Tribe that is HUD-approved can use the loan program in any eligible state or county.
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.