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The unbelievable FHA loan

National Mortgage Professional
Apr 16, 2008

Grant America Program approved by HUDMortgagePress.comPenobscot Indian Nation, FHA, HUD, Grant America Program, PINFHA The Penobscot Indian Nation proudly announces that they have received approval from the Department of Housing and Urban Development for the Grant America Program (GAP). Through their housing agency, the Penobscot Indian Nation Fair Housing Administration (PINFHA), the Penobscot's administer a nationwide down payment assistance program. This program, which is available to all Americans, not just Native Americans, is designed for low and moderate income home buyers to help them achieve the dream of home ownership. Founded in January 2007 by Chief Kirk Francis, GAP has funded hundreds of low- and moderate-income homebuyers. Timothy Love, executive director of PINFHA remarked, "Having written approval from HUD means, lenders can be confident that their loans will be insured by FHA." "Lenders need to know, that not all tribal down payment programs are operated in accordance with the regulations," said founder of AmeriDream and current CEO of Global Direct Sales LLC (GDS) Chris Russell. GDS promotes G.A.P. on behalf of the PINFHA. According to Russell, the non-profit programs are at risk of losing their exempt status retroactively and other tribal programs are really just for-profit companies. "FHA has made it clear that downpayment programs are not allowed to be for-profit businesses. It doesn't matter that tribal "Section 17" companies are tax exempt. It is still a for-profit business entity. The Penobscot government is the actual source of down payment funds and the administrator of G.A.P.," said Mr. Russell. For more information, visit www.fhadpa.com.
Published
Apr 16, 2008
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