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Pros and cons of section 184 “Native American” loan at 2.8%? Tulsa, OK market views?

Building a home in Oklahoma, $300k, looking into section 184 loan. Seems like a no brainer, very low down payment requirement and great interest rate. Is there anything I may not be considering? I know we need to sell our current home before we close on the new home, but I don’t think that will be an issue.

Anyone have thoughts in the Tulsa surrounding area market?

I’ve heard “no PMI” with a 184 loan, but is that true?

Current home built in 2015, 1,900 sq feet, 4 bd, 2bath, single story, 2.5 car garage, premium lot in HOA on 1/3 acre, backs up to semi-busy road but most of the time it’s not bad, Immaculate, neutral, and lots of custom features, added tornado shelter.

New home is 3,200 sq feet, 4 bd, 3 bath, game room up, two story, 4 car garage, 3/4 an acre backs up to farm land, can do whatever the hell we want (aka no HOA).

submitted by /u/BeagleSwan
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source https://www.reddit.com/r/RealEstate/comments/i10ypp/pros_and_cons_of_section_184_native_american_loan/
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