There is another option out there for low to moderate income families who are looking to become more financially secure by owning a home. That option is the AmeriDream Charity Program. AmeriDream, Inc. is a non-profit organization that offers gift funds of up to ten percent of a homes purchase price to be put towards the down payments and closing costs. This program is only available for eligible home buyers and they are required to return all excess funds not used towards down payment and closing costs. All funds must be refunded if the sale is not closed by the scheduled closing date.
Heres how the program works:
1. The first step is to contact AmeriDream, who will help you find a qualified real estate professional in your area, as well as a mortgage professional if you are not working with one already.
2. Then youll have to find and contact a lender for a pre-approval letter for a loan that will accept the gift funds from AmeriDream, like FHA or conventional loans.
3. Next, begin your search and find a home that you would like to purchase.
4. After making an offer on the home and the contract is agreed upon, your gift fund application will be submitted for you to AmeriDream by your lender.
5. Finally, you will receive your notice of approval for AmeriDream. Go to your closing and buy your new home.
To become eligible to receive gift funds from the AmeriDream Charity program contact a lender, a real estate professional or AmeriDream, Inc. This program is easy for buyers and is not limited to first-time homebuyers.