HUD Section 184 Refinance: Native American Veteran Eliminates PMI
- By Jim Blackburn
- on
Client Profile
- Name: Eli J.
- Age: 47
- Tribal Affiliation: Oglala Sioux Tribe
- Location: Rapid City, SD
- Profession: County Utility Supervisor
- Original Home Value: $238,000
- New Appraised Value: $276,000
- Loan Type: HUD Section 184 Refinance
- Loan Purpose: Rate reduction + remove mortgage insurance
- Credit Score: 692
The Challenge
Eli had bought his home five years ago with a standard FHA loan at a time when he wasn’t aware of the HUD 184 program. Now that he had equity and stronger credit, he wanted to reduce his rate and eliminate his FHA mortgage insurance—but keep the loan federally backed under a program that served his Native heritage.
The Strategy
We refinanced Eli into a HUD Section 184 loan, which allowed him to:
- Remove monthly mortgage insurance
- Reduce his interest rate by over 1.2%
- Keep his closing costs low with built-in tribal service support
- Avoid a full appraisal due to eligibility guidelines
- Convert his original loan into one aligned with tribal benefits
The Outcome
- Eli’s monthly mortgage dropped by $218/month
- PMI was eliminated permanently
- He retained federal backing with tribal support through Section 184
- He now mentors other tribal members seeking home financing in his community
Quote from Eli:
“I wish I’d known about this loan from the beginning. The refinance helped me lower my payment and reconnect to a program that honors our people.”
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