AmeriDream is designed to provide downpayment assistance to low and moderate income homebuyers who demonstrate the need for financial assistance.

AmeriDream

FHA Downpayment Grants for Homebuyers

AmeriDream is a non-profit organization which helps low and moderate income families to buy homes with a free down payment assistance gift. Those who meet the income requirements and qualify for an FHA loan are eligible to apply for AmeriDream. This program offers assistance for up to 10% (typically 3%-6%) of the purchase price.

To participate in the AmeriDream down payment assistance program, buyers should;

Get pre-approved for an FHA mortgage and start looking for a home.
Make an offer and get a contract.
Ask your loan officer to apply for AmeriDream in your name.

Once your application is approved you will receive a notice from AmeriDream and you can proceed to closing. The seller must participate in the AmeriDream program and pay a fee. Your loan officer may be able to help a seller sign up for the program (by showing where to apply).

AmeriDream is intended for low-to moderate income families, but there are many down payment assistance programs with no income requirements, asset limits or credit checks. If your income disqualifies you from AmeriDream, explore other options with non-profit agencies that allow higher incomes or with more lenient requirements.

Additional Information:

Elimination of Non-profit Down Payment Assistance

On July 30, 2008, President Bush signed H.R. 3221 - Housing and Economic Recovery Act of 2008. Section 2113 of the bill prohibits seller-funded DPA (Down Payment Assistance) for loans backed by the Federal Housing Administration. Prior to this bill, the seller could contribute up to 6% to the buyer to cover either a down payment or closing costs on an FHA loan. The changes became effective October 1, 2008.

Since this program is no longer available, we recommend that you get pre-approved for a low down payment FHA home loan.

FHA LOAN QUESTION # 8 [ -more FHA questions- ]

Q: What is the FHA?

A: Now an agency within HUD, the Federal Housing Administration was established in 1934 to advance opportunities for Americans to own homes. By providing private lenders with mortgage insurance, the FHA gives them the security they need to lend to first-time buyers who might not be able to qualify for conventional loans. The FHA has helped more than 26 million Americans buy a home.

:: The 2009 Tax Break and Your FHA Loan Downpayment

First time home buyers purchasing a home with an FHA loan or going through a HUD-approved charitable agency can use their 2009 First Time Homebuyer's Tax Credit to make their downpayment.

:: Down Payment Assistance Programs--Are They Making a Comeback?

Down payment assistance programs allowed the seller and charitable organizations to contribute towards the closing costs and down payment of FHA loans.

FHA Loan Rates

Refinance Averages
for 2/09/2010

15 Year Fixed

No Points
Low Interest
Best APR

30 Year Fixed

No Points
Low Interest
Best APR

Call Today!

(800) 237-1088

FREE CREDIT REPORT

Do you know what's on your credit report?

FREE credit report and score with
7 day trial!

FHALoans.com is a private company specializing in FHA financing and is not a government agency.

FEATURED SITES:

Helping you make the best financial choices, build wealth, and save money during and after your military service.

-- Military Insurance
-- Military Pay
-- GI Bill Education
-- Military Finance

Offering VA loan products that meet the home financing needs of active duty military and veterans across the country.

-- VA Loan Limits
-- VA Loan Refinance
-- VA Loan Guidelines

Refinance with an
FHA HOME LOAN

with no credit check

FHA FORECLOSED HOMES

7-DAY FREE TRIAL

Find homes at 50% below market value. Search now for free!

SELECT STATE

- or -

ENTER ZIP CODE