| If you're thinking about buying a home,
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| | families."
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| the news is good. That's because interest
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| | Homebuyers participating in the program
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| rates are rising and home sales are
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| | can purchase a home with zero percent
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| slowing. As a result, many sellers are
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| | down payment and/or closing costs.
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| getting nervous about sitting on their
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| | Sellers, real estate agents and builders
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| houses for months on end.
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| | also benefit from the program, since it
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| Even if you don't have the cash reserves
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| | increases the pool of qualified buyers
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| needed for a down payment, that doesn't
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| | who might be interested in a property.
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| mean you can't become a homeowner. That's
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| | Since its inception six years ago,
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| because there are programs that provide
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| | AmeriDream has helped approximately
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| down-payment assistance for potential
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| | 160,000 families become homeowners, many
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| buyers who are otherwise qualified for a
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| | of them for the first time and more than
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| mortgage.
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| | one-third of whom are minority
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| In recent years, several nonprofit
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| | homebuyers. The program is available in
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| organizations have been established to
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| | 49 states and the District of Columbia to
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| help potential homebuyers by giving them
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| | qualifying homebuyers interested in
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| the money they need for a down payment.
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| | purchasing a single-family home priced
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| For example, AmeriDream provides
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| | lower than the conforming loan limit of
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| down-payment assistance in the form of
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| | $417,000.
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| gift funds, to be used toward the
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| | Enrollment in AmeriDream's gift program
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| purchase of a home. Since these funds
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| | requires only two forms and participants
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| come in the form of a gift, not a loan,
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| | can apply online. A homebuyer must then
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| they do not have to be repaid.
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| | contact a lender and qualify for a loan
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| "We believe that every family in America
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| | that allows gift funds, and the homebuyer
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| deserving to achieve the dream of
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| | must purchase a home from a builder or
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| homeownership should have the opportunity
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| | seller who has enrolled his or her home
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| to do so," said Ann Ashburn, president
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| | in the program. The homebuyer should
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| and CEO of AmeriDream. "Our goal is to
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| | submit, through his or her lender, a gift
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| break down the barriers to homeownership
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| | program application at least 24 hours
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| by providing down-payment assistance to
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| | before settlement/closing.
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| low- to moderate-income individuals and
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|
