Anyone ever use a SECTION 184 Loan

[Wade Alderson]

I just found out I qualify for a Section 184 Loan 

I am not ready to start just yet, I still am planing to spend the rest of this year fixing my credit and saving up the down payment on my first house hack. 

My step mother (who I LOVE to death) has cancer and gave me the "I want to see you start achieving your dreams while I am still alive." speech yesterday and one of those was to start investing in real estate in the next year or less and to move to Florida. 

Then out of the blew today I found out that with the right savings and credit I qualify for a Section 184 Loan and wondered if any other real estate investors had used one and if it was a good fit. 

I would really appreciate any feedback I could get. 

[Jason Little]

@Wade Alderson  

I am a lender in New York, and have never personally done one of these deals, but my understanding is that the terms of the 184 are not based on your credit, but on current market rates. This could be a major benefit to you if you have a weaker score, and could fast track you to getting a fair market rate. I believe it also offers a lower down payment option, but i would always suggest trying to put down as much as you reasonably can. 

The one thing I would worry about is that this plan was set up to increase home ownership, and I don't believe it is open to investment properties. It does cover 1-4 family as long as its owner occupied so it could be a great option for a house hack. 

Good luck and good health to you and your family.