HLP, formerly known as Home Loan Port, has received a $20,000 grant award from the CBC Mortgage Agency, a government housing agency owned by a Native American tribe.
The Cedar Band of Paiutes of the Paiute Indian Tribe of Utah owns the CBCMA, which through its Chenoa Fund and Simply Home Down Payment Programs, provides down payment assistance to borrowers that qualify for Federal Housing Administration-insured mortgage loans.
Applicants that meet the CBCMA's credit score and debt-to-income requirements can receive a first mortgage and a second mortgage or grant to cover their 3.5% down payment.
The CBCMA works only with correspondent lenders which originate, process, underwrite and fund the loans. They then sell those loans to the CBCMA.
"This grant will support our systems and efforts to connect potential homebuyers with the financial counseling and education they need to succeed," said Mark Cole, HLP's executive vice president and chief strategy officer, in the press release.