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