FHA down Payment grants 100% financing is NOT dead!!!

By
Mortgage and Lending with Academy Mortgage NMLS#329710

FHA Down Payment Grants
-- AmeriDream Charity Program

AmeriDream, Inc. is an organization that helps low to moderate income families become more financially secure through home ownership. This non-profit organization offers gift funds that can be put toward down payments and closing costs for eligible home buyers. The AmeriDream Charity Program offers gift funds up to ten percent of the home's purchase price which do not have to be paid back. Buyers must agree however, to return any funds that are not used toward down payments or closing costs and to return the funds if the sale of the home does not close on the scheduled closing date.

HOW IT WORKS
The benefit a potential home buyer receives from the AmeriDream Charity Program is contingent upon their ability to pre-qualify for a home loan grant through an approved lender. Once the home buyer has qualified for the program and has been approved, the applicant is then referred to a real estate agent who will help them find a home that qualifies under the program's guidelines. When a home is found and the seller has accepted the offer the home is ready to close. At this time the gift funds are wired to the title/escrow company and the home buyer is able to proceed to closing.

ELIGIBILITY
The AmeriDream Charity Program is not limited to first-time homebuyers. The streamlined application process makes the program affordable for builders or sellers and easier for buyers than any other program. Those who are able to meet the requirements for the AmeriDream Charity Program are eligible to apply.

ADDITIONAL INFORMATION
Because the AmeriDream Charity Program uses many of the same items that are needed for an FHA loan, we suggest that you familiarize yourself with all the characteristics of FHA loans by reviewing Important Facts and then applying online.

Comments (2)

BJ Matson
The Choice Group - Olney, MD

Save Ameridream program
If you haven't done so, go to this website, http://www.rallyforhomeownership.org/

It only takes 30 seconds.  This form will go to your local Congressmen and Senators.
CONGRESS MEETS ABOUT THIS TODAY! 

HUD should modify to lessen the risk BUT don't get rid of it.  This is one of the last programs out there right now that can get buyers into a home with no money.  (They still have to credit and income qualify)

http://activerain.com/blogsview/605114/Down-Payment-Assistance-Congress

Jul 22, 2008 06:31 PM
Anonymous
Amanda Walters

Hello my name is Amanda Walters and I was curious on how I would go about applying for the grant that I read about on your website. If you could please contact me I would love to hear more about this program. My name is Amanda Walters and my number is 973-600-5002. Thank you so much for all your help.

Jul 02, 2009 09:53 AM
#2