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Applying for a home loan can feel like a big step, especially if it is your first time. The good news is that a little preparation goes a long way. Before you sit down with a loan officer, take a few minutes to think through the questions below.
1. Am I eligible for Section 184?
Section 184 is available to enrolled members of federally recognized tribes and Alaska Native villages. You will need documentation of your enrollment, so it helps to have it ready before you apply.
Our eligibility requirements page walks through each requirement in more detail.
2. How much can I comfortably afford?
The amount you qualify for and the amount you are comfortable paying each month are not always the same. Before you apply, look at your monthly budget and decide on a payment that leaves room for savings and everyday expenses.
3. What documents will I need?
Most lenders will ask for some version of the following:
- Proof of tribal enrollment
- Recent pay stubs and W-2s
- Bank statements for the last two months
- A valid photo ID
4. How much do I need for a down payment?
One of the biggest advantages of Section 184 is a low down payment — often far less than a conventional loan requires. Ask your loan officer how the minimum applies to your loan amount, and what other costs to plan for before closing.
The best time to ask a question is before you sign anything. A good loan officer will be glad you asked.
5. What happens after I apply?
Knowing the steps ahead of time makes the process feel much more manageable:
- Pre-qualification
- Finding a home and making an offer
- Underwriting and appraisal
- Closing and getting your keys
How long does it take?
Every loan is different, but your loan officer can give you a realistic timeline once they understand your situation.
6. Who will I be working with?
You should always know who to call with a question. Ask who your main point of contact will be, and how they prefer to stay in touch.
