AmeriDream Down Payment Gift Prorgam - FHA Financing

AmeriDream Down Payment Gift Program  

This may be helpful as we continue into this FHA driven market.  If you have a buyer who does not have
enough money for the down payment and closing costs and you are asking the seller to participate in the
Ameridream Down Payment Assistance (DPA) program the attached verbiage is recommended to be attached
in an addendum to the sales contract when submitted to the listing agent;

"Buyer intends on getting a down payment gift from AmeriDream. The seller agrees to pay ______% of the contract sales price plus a processing fee of $500 to AmeriDream. The sellers payment will be used to help the future home buyers with down payment gifts. This amount will be deducted from the sellers proceeds at settlement. "

During a seminar, we were given this  wording as the recommended text for all sales contracts. Please be
aware that the seller must pay the $500 processing fee on all transactions. The buyer is not allowed to pay the fee. Along with the contract you also need to download the Seller Enrollment Form to be attached and sent along with the contract as well. Those are the only two things the real estate agent is responsible to do the rest is up to the loan officer.

Please make sure you have registered with Ameridream at http://www.ameridream.org/  Also, there is a lot more information on the website!

Joanne Blum
Sr. Loan Officer
301-943-6567
Countrywide Bank, FSB

6 Montgomery Village Ave #101
Gaithersburg, MD 20879

http://www.blumloans.com/
Joanne_Blum@countrywide.com