If you are a low to moderate income individual or family and are looking to buy a home, then you might consider using a gift for your down payment from
AmeriDream, Inc. AmeriDream, Inc. is a 501(c)(3) charitable organization that is committed to helping those who want to purchase affordable and suitable housing and need financial assistance with their down payment and closing costs.
The AmeriDream Down Payment Assistance Program DPA has been the standard for which all other DPA’s are matched up against. As the front runner in the industry, AmeriDream has championed its efforts to set forth the best practices, codes of ethics and standards by which all down payment gift organizations must compete with. There are other down payment gift programs available, like the Nehemiah program. But many of these programs that were available before 2007 are no longer accepted for use. Make sure you check on whether the program you want to use is acceptable – just ask your loan officer.
Use AmeriDream Down Payment Assistance To Buy or Sell Your Home
If you are looking to buy or sell a home, you may want to consider using the AmeriDream down payment assistance program. As a buyer you can use this program to get your down payment. The program gifts you the down payment that you need. As a seller you can use this program to attract a buyer to buy your home. Essentially, if you are willing to provide financial assistance to a buyeras a buying incentive then this program is a great tool for you to use.
Thousands of people a month purchase their dream home using the AmeriDream Down payment Gift Program. To date, AmeriDream has helped over 400,000 people become homeowners. This translates into every 17 minutes in the U.S. a home is sold using the AmeriDream or other down payment assistance programs. AmeriDream is recognized as the most trusted and recognized name in home buyer assistance programs.
Does AmeriDream Have Other Services?
AmeriDream believes that everyone deserves an opportunity to live in safe and affordable communities. Their goal is to expand affordable housing and increase homeownership for all people in need of help. They help first time home buyers who have low and moderate incomes who qualify for a FHA home loan but lack the funds they need for a down payment and closing costs.
In addition to providing gift money to the homebuyer, the organization delivers home buyer education programs, foreclosure prevention education, and affordable home building and community redevelopment. One additional unique program is their mortgage payment assistance program called DreamKeeper. This program is limited to those who are enrolled in the program (paid the enrollment fee) and covers the member’s mortgage payment for up to 4 months in the case of involuntary job loss or disability.
The days of 100% financing are now over and people who want to buy a home will need to put money down in order to qualify. This is where AmeriDream comes in. They will give you the down payment in the form of a gift to buy a home in the event you do not have one. You still must be able to qualify for the home. To do this you will need to speak with an FHA approved lender.
Not all mortgages companies are FHA approved. You really need to check out if the mortgage company that you want to use for your real estate financing is FHA approved or not. A mortgage company who is not licensed to offer FHA mortgages might try to talk you out of using FHA just so that they can do your mortgage. Sad that someone would try to do that, but it may happen. As a result, you might not get the best deal for your situation so be careful. Once you find out that they can do FHA loans you need to also ask if they participate in the AmeriDream down payment assistance program – again just ask your loan officer.
If you think that home ownership is out of reach because of a lack of down payment, your ship may have come in. Check out the AmeriDream program as a way to get your down payment to qualify for a FHA loan.
Article by Debt Free Dave. Debt Free Dave has been in the mortgage and consumer finance business for over 10 years. He has a Finance and Real Estate degree from the University of Arizona.
This Article is designed to be of general interest and should not be considered legal advice. The specific information discussed may not apply to you. Before acting on any matter contained herein, you should consult with your personal legal adviser.
