Bulletin 2024-048 New Product Launch: HUD Section 184

Bulletin 2024-048 New Product Launch: HUD Section 184

Newrez LLC "Newrez" Approved Correspondent Clients: Newrez is pleased to announce the HUD Section 184 Program. This program offers low down payment mortgage financing for American Indian and Alaska Native families.  Delegated Clients must be approved by HUD to offer this product.

Product Highlights

• Eligible Borrowers
  • American Indians
  • Native Alaskans
  • Native Hawaiians
• Borrower must be one of the following:
  • Member of a federally recognized tribe,
  • One of the following 5 state tribes
    • Coharie Tribe (North Carolina)
    • Haliwa-Saponi Tribe (North Carolina)
    • Lumbee Tribe (North Carolina)
    • Waccamaw Siouan Tribe (North Carolina)
    • MOWA band of Choctaw (Alabama)
  • Borrower Contribution
    • 2.25% of the lesser of the appraised value or the sales price of the property
    • 1.25% if the value of the property is ≤ $50,000
• Purchase/Rate &Term Refi
  • 97.75% LTV
    • 98.75% LTV if the value of the subject property is ≤ $50,000
  • 100% CLTV

• Cash Out Refinance
  • 85% LTV/CLTV
• Underwriting Decision
  • Manual Underwrite