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Blog entries tagged with "ameridream":
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With all the misspent funds for the $700 billion Bucks for Banks program now well underway, we are still left with millions in home inventory and millions of prospective home owners unable to buy because of a lack of down payment.
With so much negativity surrounding real estate in all facets of the media, national and Phoenix area news headlines read like a Stephen King horror story.
An Open Letter to Congress from a Veteran Realtor
The Bail-Out plan should have included bringing back Ameridream and programs like it to help first time buyers purchase a home!
I just found out about these two programs as I was in a desperate search for a buyer of mine. They have no money to bring to closing, but need a new home fast. If you haven't heard of these two programs, I encourage you to do your own research with … (0 comments)
Been heavy into working with 2 sets of customers in closing deals they have with the AmeriDream Program involved. One set is going smoothly, inspection done, appraisal done, full approval done, all AmeriDream forms finished. This one looks like one that may finally close. 
Please click on the link below to write to our lawmakers:
Good info to be sure, thanks Jeff. If you are not a subscriber to Jeff's blog, I would highly recommend making that a priority. He spends significant time putting these together and deserves all of our appreciation. Rock-n-roll Jeff.
With all the foreclosure talk and the reasons behind it, it may come as a surprise to some that 100% financing still is alive and well. While conventional lenders have abolished straight 100% financing, the Federal Housing Administration (FHA) loan has again become the favorite loan program for home buyers everywhere. 
President Bush recently signed into law legislation that contained aprovision to eliminate charitable down payment assistance, effective October1st, 2008;
which could prove itself to be the single greatest blow to the UShousing market during our current housing crisis.
why charitable down payment assistance (DPA) is so valuable:
-- Approximately 1 million … (2 comments)
We have a new called law the housing stimulus package designed to help Americans stay in homes and prevent foreclosures.
I urge all my fellow professionals , real estate , mortgage and any home owner to fight the ban on down payment assistance programs like Ameridream that will be banned as of October 1st .
Editor's note: Not sure why the embedded links aren't working, but please cut and paste rallyforhomeownership.org into your computer's web browser to look up your Senator's contact information. 
As of today, we only have 2 investors left that we can still lock loan with that are getting the 3% downpayment paid for by the seller. One of these investors says the loan must be locked by this Friday 8/29 & the other investors says it just must be registered (with … (2 comments)
What a topic of discussion in the past 30 days....... The DOWN PAYMENT ASSISTANCE PROGRAMS !!!!!!
… (2 comments)
Anyone who planned on using the down payment assitance programs of AmeriDream, etc... had better move quick!
If you have a buyer using downpayment assistance, you need to act now.
The news media is not always on-target when it comes to reporting the REAL facts of the new legislation. The only way to have the truth is to seek out a professional who - in their own field, researches the topic instead of recieving it from a wire.
Last week I wrote that this was coming. I mentioned how down payment assistance programs like Nehemiah might go away. Well, it's been passed into law now. For buyers and sellers who do not know what I'm talking about...here's the run down: For a long time it's been quite the norm … (11 comments)
The down payment assistance program is set to end October 1st, 2008. This will mean the seller can no longer offer to pay the 3% down for you in an FHA loan. The funds will need to come out of your pocket.
In an effort to keep DPA programs available...Ameridream has begun work on a new bill, H.R. 6694. This bill works to "re-authorize and reform charitable down payment assistance programs."
For more information on the topic you can read the following article regarding the new bill at http://www.ameridream.org/Newsroom/PressReleases/2008/CongressToReauthorizeDPA .
And to contact … (6 comments)
As of October 2008, Congress has stopped FHA lenders from accepting gift funds from down-payment assistance programs (DPAP). What does this mean to buyers? It means losing an amount equal to 1 to 3% of the sales price of a home which you could have used towards your purchase. For a … (0 comments)
Sorry to be a broken record on this subject; You've probably heard this already, but it bears repeating. Realtors, Buyers, Sellers! We could certainly use your support to keep DPA (Down Payment Assistance) programs like AmeriDream, HART and Nehemiah viable and within limits.
We all know that on July 30, 2008, President … (1 comments)
We knew it was coming, but the looks on the faces of the agents in the office as the disappearance of seller assisted down payments sunk in varied from frustration to morose. So many of us work with first time home buyers in this challenging Phoenix market that comments like "could … (0 comments)
My subject in this blog is "Down Payment Assistance" and how it works. This is a program that's been around for quite a while, however it's one of the most underutilized programs out there....largely due to the fact that it's not clearly understood. 
Has anyone heard about these programs (ie, Ameridream) supposedly being eliminated on Sept. 30th? These programs were a good way to encourage first-time home buyers to start the process. Also, bankruptcies have to be 4 years out instead of 2. Just an FYI. Has anyone heard of any 100% loans still out there? … (4 comments)
President Bush signed the Housing and Economic Recovery Act of 2008 into law yesterday morning. I believe our trusted law makers have made our real estate lives even harder.
I've been receiving several calls of concern regarding the elimination of the down payment assistance program. I'm not too sure what exactly is stated in the H.R. 3221 Housing and Economic Recovery Act of 2008l but it sounds a little frightening. I would have to say that about 90% of all … (5 comments)
Well,
In light of the changing mortgage industry, many people are under the mistaken impression that they will now have to have incredible FICO scores, 20% for a down payment on top of their closing costs in order to purchase a home. This has been the impression given by the media but … (0 comments)
This is a summary provided by the National Association of Realtors® yesterday (7/28/2008) - under each section I have injected my two cents to provide clarity and stimulate conversation and exploration about the details of this 700 page bill.
Just when buying a house couldn't be any more challenging today, Congress and President Bush railroaded the FHA buyer with a last minute addition to HR 3221aka, - The Housing and Economic Recovery Act of 2008 - aka, The Foreclosure Prevention Act of 2008 - aka, The New Direction for Energy … (1 comments)
Just when buying a house couldn't be any more challenging today, Congress and President Bush railroaded the FHA buyer with a last minute addition to HR 3221aka, - The Housing and Economic Recovery Act of 2008 - aka, The Foreclosure Prevention Act of 2008 - aka, The New Direction for Energy … (1 comments)
The House and Senate just passed the 300 Billion Dollar Assistance Bill that will help current homeowners facing foreclosure if they meet certain criteria. Did this Assistance bill come in to little to late? What about Victims of foreclosure already that would have been able to meet the criteria but lost … (5 comments)
Originally posted on http://primerealestatelasvegas.wordpress.com.
Breaking News!
As predicted in yesterday’s blog titled, The Good, The Bad, The Housing Reform Bill, The U.S. Senate just passed bill H.R.3221 (the Federal Housing Reform Bill) by a margin of 72-13 The House passed the measure on Wednesday 272-152.
With the bill, now going to … (0 comments)
I am sure many of you are anxiously awaiting the Omnibus Housing Bill that recently passed through the house. Hopefully it will soon be passed by the Senate, and then signed off by the President. Here is what I have been hearing about the bill and how it can help get … (1 comments)
7236 Hawksnest Blvd.
Orlando, FL 32835
I did an earlier blog on down payment assistance programs (DPA) and how they can be used to help first time homebuyers get into their first home, especially with the tie in to a FHA loan.
I was reading an article this morning regarding the down payment assistance offered to many FHA borrowers in Arizona. It seems there is some debate as to doing away with or keeping the AmeriDream and/or Nehemiah program. Typically first time home buyers use the FHA program because only 3% is required … (25 comments)
I do not know about you guys, but many of my 1st time home buyers use the AmeriDream option! Many of my clients would not be in a home today if it were not for AmeriDream! HUD has proposed a rule that will end these programs. So for those of you who … (1 comments)
Once again the threat is looming that non-profit organization will no longer be allowed to make the 3% contribution required for buyes to become eligable for 97% FHA insured purchase money loans.
Attached please find some data (p.41-45) that appears to support their position that individuals who don't have any of … (1 comments)
Charitable Down Payment Assistance Programs: Friend or Faux?Charitable organizations that offer down payment assistance programs have been under heat in general for the potential "loop hole" risks and other issues outlined by HUD, the IRS, and real estate professionals. Typically offering between 1 and 3%, charitable organization offering down payment assistance … (5 comments)
The Wall Street Journal in their 6/24/2008 edition had an article on the front page entitled "Government Mortgage Program Fuels Risks-FHA Struggles To Eliminate Loans For Zero Down" 
Special Announcement Seminar
&
Home Buyer Tax Credit:
A Possible Solution To Moving Housing Inventory?
Every day we speak to fellow real estate agents and they all want to know the same thing. What are other agents doing to move their listings and how are other realtors differentiating themselves and attracting … (0 comments)
Hi folks. So here's the deal. I should NOT know more about FHA loans than the Mortgage Brokers that are attempting to do them. My market area, Poinciana FL, has always been a 100% financing market. Back in the 90s if you wanted to purchase a home in Poinciana it was … (52 comments)
HUD / FHA did ban the 3% down payment gifts from organizations like
Nehemiah, AmeriDream, and Partners in Charity late last year. A federal judge granted
a temporary injunction blocking the move and this spring ruled that HUD / FHA "failed
to provide a rational basis in support" of the ban.
10 Reasons to Buy to a Home
Non-Profit Down Payment Assistance Programs:
AmeriDream http://www.ameridream.org/WhoWeAre/
The Nehemiah Program www.getdownpayment.com
Maryland Department of Housing and Community Development Website for Homebuyers:
CDA More House 4 Less Mortgage Program information
Downpayment - More House 4 Less Mortgage Program information
Ground Rent Redemption Loan Program
Home Ownership for Individuals with Disabilities Programs
http://www.dhcd.state.md.us/Website/programs/ProgramList.aspx
… (0 comments)
I seem to be getting more and more calls on my REO properties asking if the seller is willing to pay all of the buyer's closing costs and participate in an FHA downpayment assistance program (such as Ameridream). The story is usually that "It's a really sweet first time homebuyer who … (7 comments)
My REALTOR partners are closing sales for Tucson buyers who have income, but have saved little towards a downpayment. Buyer demand is strong for zero down homes, or nearly zero down. Here's what you need to do to close more sales using the advantages of an FHA mortgage:
Many have been reporting that the age of the no-down-payment loan is dead.
Down payment assistance programs (Nehemiah and Ameridream) have won a court battle with HUD and remain viable programs. These programs used with FHA financing offer 100% financing and today's rate for FHA is 5.5%. Also, the buyer does not have to be a first time home buyer. The guidelines only require … (8 comments)
WRITE TO YOUR CONGRESSMAN!!
Nehemiah won its litigation against HUD!!!
For anyone following the Nehemiah HUD lawsuit, Nehemiah officials released a statement this evening.
Seller Funded Down Payment Assistance programs are being eliminated as allowable sources of down payment. As of December, 2007, FHA programs will still allow AmeriDream and Nehemiah Seller Funded Down Payment Assistance programs as acceptable down payment sources, but only until February 28, 2008 for AmeriDream. Fannie Mae and Freddie Mac do … (5 comments)
As many of you are aware, 100% financing has been a real boom to our business over the past 5 years. The tide has certainly changed and the term "Declining Markets" is now part of our vocabulary. While it is true that there are many pockets in the country that are … (3 comments)
Q: What is the status of AmeriDream's lawsuit vs. HUD and the agency's proposed rule that will eliminate down payment assistance?A: There have been two significant events with regard to HUD's proposed rule. First, HUD voluntarily agreed to defer the effectiveness of the Regulation, as to AmeriDream only based upon the … (5 comments)
OK. I looked it up on Wikipedia, and the tomato is indeed a fruit. And who knew that China was the world’s top producer of tomatoes? Just a quick note to Sondra…Reynoldsville may be the birthplace, but Slocomb is where the tomato was perfected! I digress. I do know where the … (0 comments)
There has been much controversy over HUD granting a 6-month extension to Nehemiah only and to no other Down Payment Assistance Programs. A closed door meeting with the counsel for HUD, (the justice department), and counsel from Ameridream discussing the logic of the 6-month extension for everyone in the industry resulted initially in HUD's refusal to relent. … (8 comments)
HUD Grants DPA Extension to AmeriDream 
FYI, Ameridream has been granted an extension while HUD reviews their litigation.Contracts must be signed by February 28th now. Nehemiah is in effect until April 1, 2008
A while back I posted a blog requesting suggestions for downpayment assistance programs other than FHA programs. I got a couple of responses, but not many. Now FHA is discontinuing it's down-payment assistance programs like Ameridream! What's a struggling first-time buyer to do? How are the rest of you taking this … (11 comments)
HUD has recently ruled that DPAOs (Down Pay Assistance Organizations) such as Ameridream are no longer welcome in FHA deals. Now I have read the entire ruling (Read it right before bedtime if you are an insomniac, it'll put you right to sleep) and I clearly understand HUD's position. But could … (9 comments)
Ameridream and Nehemiah (also known as GetDownPayment.com), two of the largest non-profit down payment assistance providers, help low to moderate income home buyers obtain the down payment needed to enable them to purchase their homes. They specialize in accepting charitable gifts from sellers then provide that money to buyers in the form of … (2 comments)
What else is going to happen to prolong the housing slowdown and create additional road blocks to home ownership, especially for the First Time Home Buyer? First, it was the end of Sub-Prime mortgages then, tougher underwriting standards at all levels of the mortgage industry, a housing market which continues to … (4 comments)