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AMERIDREAM LAUNCHES DREAMKEEPER MORTGAGE PAYMENT RELIEF PROGRAM
most comprehensive program in industry offers protection for 5 years   -

GAITHERSBURG, Md. – June 2, 2004 – DreamKeeper Mortgage Payment Relief Program was launched today by AmeriDream, the nation’s leading provider of affordable housing opportunities. DreamKeeper is a unique mortgage payment relief program that provides the industry’s most comprehensive mortgage payment protection along with a down payment gift.

DreamKeeper offers protection against two of the most probable threats to the borrower’s ability to pay: involuntary unemployment and disability.  A homebuyer that receives a downpayment gift through the DreamKeeper program, has their principal, interest, taxes and insurance (PITI) paid for up to nine months if the borrower becomes involuntarily unemployed or disabled. Unlike other programs, DreamKeeper is for five years, after a six-month vesting period.

“As the nation’s leading provider of downpayment assistance, we felt it important to
provide a protection plan that would not just protect the lender and the insurance fund, would also protect the buyer. This is just another way of doing things right for America’s homebuyers,” said Ann Ashburn, President & CEO of AmeriDream, Inc. According to the HUD/MBAA 2003 ‘Delinquency and Foreclosure Report to Congress,’ delinquencies and foreclosures most often occur between the second and fifth years of homeownership. “Many mortgage protection programs in our industry only cover the first year following the purchase of the home, but we designed DreamKeeper so it would benefit people when they need it the most.”

Ellen Adams, a senior loan officer at RBC Mortgage, said, “DreamKeeper is a wonderful program. It was very easy to use, and I found it to be better than other programs I have tried in the past.  The buyer was thrilled to have gotten into a home with a downpayment gift and mortgage protection in one easy transaction.”

Lenders and real estate professionals interested in DreamKeeper should contact their AmeriDream representative, call AmeriDream at 301.977.9133 or visit www.AmeriDream.org.

Along with DreamKeeper, AmeriDream operates several programs in support of its mission of providing affordable homeownership opportunities to low- and moderate-income individuals and families. AmeriDream’s Downpayment Gift Program provides eligible buyers with a gifts usually ranging from 3-6 percent of the purchase price of a home for a down payment or for closing costs.  Additionally, The AmeriDream Redevelopment Program builds new, affordable homes and renovates existing properties, placing these properties on the market at prices that accommodate predominantly very low- to low-income homebuyers. And, AmeriDream’s home retention program provides guidance to homeowners who experience financial difficulties by working with them and their mortgage companies to make sure all alternatives are examined in an effort to prevent foreclosure. For more information, visit www.ameridream.org.

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The mission of AmeriDream, Inc., headquartered in Gaithersburg, MD, is to expand homeownership opportunities for underserved groups and promote the value of homeownership as the foundation for building strong communities and individual prosperity. AmeriDream, Inc. is a non-profit, publicly supported organization that is tax-exempt under Internal Revenue Code Section 501(c)(3). AmeriDream, Inc. meets the requirements for a charitable organization, as referenced in the HUD Handbook 4155.1 REV-4, CHG-1 Section 2-10 for FHA insured loans.  In addition to The AmeriDream Downpayment Gift Program, AmeriDream also operates The AmeriDream Redevelopment Program in the Washington, DC metropolitan area and Florida, and the Community Link Program nationwide. Through the Redevelopment Program, AmeriDream has spent more than $11 million to rehabilitate properties and return them to the market at affordable prices. Through Community Link, AmeriDream has donated more than $1.5 million to a range of community organizations, including Habitat for Humanity, the American Red Cross Disaster Relief Fund, the Victims Rights Foundation and the Hatteras Island Rebuilding Fund.