Lenders must first qualify a buyer for a loan that accepts gift funds. In order for a qualified buyer to receive down payment assistance, the buyer cannot purchase a home that exceeds the Fannie Mae single-family home limit of $729,750.
Next, lenders need to register or login in at www.AmeriDream.org to submit an online application on behalf of the buyer. Lenders must submit an application at least 24 hours before settlement; the funds will be wired to the settlement agent the day of closing.
Additionally, the seller must also enroll in AmeriDream’s program by signing the seller enrollment form. Lenders will need to fax this form to AmeriDream before closing.
Finally, all parties will go to settlement.
Since 1999, AmeriDream has helped
individuals and families reach the American Dream of homeownership.
On average, every 17 minutes there is a new homeowner because of AmeriDream.