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AMERIDREAM DOWNPAYMENT GRANTS
The AmeriDream, Inc. is designed to provide downpayment assistance to
low and moderate income homebuyers who demonstrate the need for financial assistance.
The AmeriDream, Inc. is a 501(c)(301) non-profit, public charity, which meets
the guidelines for the HUD Handbook 4155.1 Rev 4, Section 2-10 for FHA insured loans.
To use their program, Buyers must purchase a home enrolled in The AmeriDream
downpayment Gift Program and qualify for a mortgage.
Type of Assistance:
Potential applicants for this program must first get pre-qualified for this home
loan grant. Once approved, the applicant will then be referred to an approved Real
Estate agent in the applicants area in order to find a home that qualifies under the
program guidelines. Once the home is found , all offers are accepted from the seller,
and the loan is ready to close, then the gift funds are wired to the title / escrow
company and the buyer closes on the transaction.
AmeriDream's downpayment assistance is provided directly to the homebuyer in the
form of Gift Funds, which are wired to the Settlement/Closing Agent on the day of
the settlement/closing. The gift will be up to 5% of the home's purchase price and
can be used for the downpayment and/or closing costs. Buyers must agree to return
any Gift Funds they do not use. They must also agree to return the Gift Funds if
the sale does not close on the scheduled settlement date.
The program is not just for first-time Buyers. We have found many homeowners who
need our program to buy their next home. Our streamlined application process makes
this program more affordable to Builders/Sellers and easier for Buyers than other
programs. We only require three forms for each Gift Fund request, and there are no
application requirements for Lenders, Real Estate Agents or Closing Agents.
Eligible Customers:
All persons who meet the requirements for the AmeriDream Program.
Additional Information:
Since the American Dream Lending program uses many of the same items needed for an FHA loan,
we suggest that you familiarize yourself with all the characteristics of FHA loans by
going to Important Facts and then apply online.
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