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Did You Know?

Down payment assistance programs have expanded and today are offered by state, city, and municipal governments throughout the country.

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AmeriDream Program

Since President Bush signed the Housing and Economic Recovery Act of 2008 on July 30, 2008, many federally established down payment assistance programs have been cancelled. The Act prohibits seller-funded Down Payment Assistance for loans backed by the Federal Housing Administration. The details of this program are presented for reference only.

About the Program

AmeriDream was a non-profit organization which helped low and moderate income families buy homes with a free down payment assistance gifts. Those who met the income requirements and qualified for an FHA loan were eligible to apply for AmeriDream. This program offered assistance for up to 10% (typically 3%-6%) of the purchase price.

To participate in the AmeriDream down payment assistance program, buyers were asked to:

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

Once the application was approved they received a notice from AmeriDream that they could proceed to closing. The seller was required to participate in the AmeriDream program and pay a fee. The loan officer might have been able to help a seller sign up for the program (by showing where to apply).

AmeriDream was intended for low-to moderate income families, but there were many down payment assistance programs with no income requirements, asset limits or credit checks.


Down payment assistance and first-time homebuyer programs have expanded and are offered today by state, city, and municipal governments throughout the country. A curated list of down payment assistance programs is available courtesy of FHA.com.

Ask your loan officer for recommendations on down payment assistance programs, or how to make an offer contingent on the use these program.


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