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I found this post on Tradercents tonight. Might be old news but I thought it might be new.
From: 3MARDIV
Sent: 5/5/99 4:30:40 AM
Check it out you may find it interesting. Freddie Mac Pilot Program in Indian Country. Under a $10 million Freddie Mac pilot program, which includes PMI Mortgage Insurance, AmeriResources Technologies Inc. of Lenexa, Kansas, has agreed to work with the Chickasaw Nation of Oklahoma to build new single family housing on nontrust land. AmeriResources Technologies Inc., through its two subsidiaries, Tomahawk, a construction company, and First Americans Mortgage Corp., a mortgage lender, will offer a one-stop shop for construction and mortgage financing. The mortgages will have a three percent down payment, with the buyer paying 1 percent and the Chickasaw Nation providing 2 percent in the form of a second mortgage at 5 percent interest over five years. A loan-to-value ratio that exceeds 100 percent would be allowed so that home buyers can finance some or all of the closing costs. Mortgages can be made up to the Freddie Mac conforming loan limit of $227,150. Home buyers who participate in the program must receive homeowner counseling. The Freddie Mac seller-service for the pilot program is First Tennessee Mortgage Corp. For further information, contact Delmar Janovec, chief executive officer of AmeriResource at (931) 859-9292.
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