The initiative targets common obstacles in the housing market by allowing down payments as low as 2.25 percent, or 1.25 percent for loans totaling $50,000 or less. Unlike many conventional loans, this program eliminates monthly mortgage insurance, requiring only a single, upfront fee. Jeff Ogden, Senior Vice President of Production at Gershman Mortgage, noted that the program is designed to simplify the acquisition process for both first-time buyers and those looking to refinance.
In section Releases
Gershman Mortgage Expands Access with Section 184 Home Loan Program
Native American and Alaska Native borrowers now have access to a specialized financing option through Gershman Mortgage, which has secured approval to offer the federal Section 184 Indian Home Loan Guarantee Program to help reduce the financial barriers often associated with traditional mortgage products.
Flexibility remains a central component of the offering, as the program is not restricted to reservation lands and covers a wide range of property types. Borrowers may apply the financing toward single-family homes, new construction, condos, townhomes, manufactured homes, and multi-unit dwellings up to four units. The Chesterfield-based lender, which operates across 22 states, intends for this addition to bridge the gap for applicants who have historically faced complications with conventional financing requirements.
Comments (0)
No comments yet. Be the first!