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The AmeriDream Home Loan Program
What is the AmeriDream Program?
The AmeriDream Down Payment Assistance is a program to help a prospective buyer purchase a
home. The AmeriDream Charity GIVES the prospect the Down Payment (up to 3% of the purchase
price), so that they can become Buyers! Yes, we said "Gives," which means it does not have to be
paid back!
What's the Catch, you ask?
None! By providing down payment assistance, the AmeriDream Program creates a pool of buyers
and enables MORE prospects to buy a home and start living the American Dream! For this, of
course we charge the Seller a fee.
Other Common Questions:
How do Buyers Qualify?
a) Qualify for a loan that allows Gift Funds.
b) Buy a home from a Builder or Seller that is part of the Program.
That's IT !!
Is the Down payment coming from the Builder/Seller?
NO! The Down payment funds come from a pre-existing pool of money owned by the AmeriDream
Charity, and not from the Seller.
Won't the Charity run out of money?
No, only after a home "Closes" the seller pays a service fee - just like to a Realtor for providing a
buyer - which replenishes the pool, pays for administrative costs. In addition, the Charity receives
contributions from individuals, and engages in other Real Estate transactions to earn money to be put
in the pool to help the pool of money grow so that even more people can be helped on their way to
Home Ownership!
How Do I get the money?
After you purchase an 'enrolled' home and qualify for the loan, and when requested by the Lender,
AmeriDream will send the money to the Closing Company to hold for you to be used as your down
payment!
Are there any Income Limits?
NO, none at all!!
Suppose I have some money, can I still use the program?
Yes, so long as the Builder/Seller is willing to participate in the program, AmeriDream imposes no
restrictions.
Is this program only for 'First Time' buyers?
NO, anyone can use it.
Is there a limit to the amount of the Gift money?
NO. AmeriDream will Gift 3% of the Purchase price of the home, no limit, so long as the
Builder/Seller is willing to participate in the program.
Why would a Builder/Seller be willing to pay the Fee to sell their home?
Participating in the program, makes their home available to a larger number of buyers. More buyers,
means less time on the 'market,' which can actually save them money in the long run. Also, in some
instances, but not all, Builders or Sellers 'negotiate' on the price of pay for some of the 'closing' costs.
Builders sometimes give away 'extras' or upgrades to make a sale. Chances are, they won't be able
to do those things and participate in the Program. But without the Program, you can't buy the house
anyway! The home must "appraise" anyway, so you won't be paying more than it's worth!
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