Ameridream

AmeriDream Down Payment Assistance Program

AmeriDream Charity, Inc. is a non-profit corporation that provides down payment assistance to low and moderate income home buyers who demonstrate the need for financial assistance. Down payment assistance is provided directly to the home buyer as a gift that does not need to be repaid.

How it works:

Potential home buyers must first qualify for an eligible home loan through an approved mortgage lender (such as Sun Nations Mortgage). Upon qualifying, the lender will begin the application process for the home loan grant and the home buyer will be referred to an approved real estate agent to begin finding a home that qualifies under the program guidelines (see below). Once an offer is accepted from the seller, the lender, real estate agents and title/escrow company finish any remaining steps to include a title search, inspections, appraisal, etc. prior to the designated closing date on the real estate contract. Gift funds are wired to the title/escrow company and the home buyer closes on the transaction.

To qualify for the AmeriDream Down Payment Assistance Program, click here

Program Guidelines:

Max gift funds:	Up to 5% of the sales price (e.g. $7,000 for a home with a sales price of $140,000).
Eligible loan programs:	Contact Sun Nations Mortgage for more information at (602) 993-0000
Buyer reserve/contribution:	No reserve funds required. The buyer may purchase the home with $0 down.
Buyer education/counseling:	No home buyer education is required
First time buyers only?	No. The program is open to any qualifying buyer that purchases an eligible property. To qualify for the AmeriDream Down Payment Assistance Program, click here
Max Income	There are not any income limitations with this program
Repayment Required?	No. The down payment assistance provided is a gift and does not need to be repaid.
Eligible properties:	Any property may become an eligible home if: 1) the home meets the standards and criteria of the mortgage the home buyer will use to purchase the home and 2) the seller agrees to make a 2%, 3% or 5% contribution to the AmeriDream Charity, Inc. and pay a processing fee of 3/4% of the sales price. 3) the sales price does not exceed the appraised value of the home No roof certification is required.

It is important to note that the seller is not paying for the buyer's down payment. Under the AmeriDream program, the seller's contribution to the AmeriDream Charity, Inc. is made after a successful closing and the buyer's down payment assistance is taken from an existing pool of funds.

Another misconception is that the eligible homes are sold overpriced in order to compensate for the seller's contribution to the AmeriDream program. The reality is that the eligible loan programs will not allow the home to sell for more than its current market value (as determined by an independent appraiser) unless the buyer is willing to make up the difference between the higher than market sales price and its current appraised value (which defeats the purpose of the down payment assistance). However many homes do sell for the full market value but that price is ultimately determined by you (with the assistance of your real estate agent) and the seller.

To qualify for the AmeriDream Down Payment Assistance Program, click here