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