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How It Works

  1. Qualify a buyer for a loan that accepts gift funds
  2. Once the buyer has a ratified contract, submit down payment gift application to AmeriDream online at www.AmeriDream.org or fax 301.977.9713.
  3. Fax the Seller Enrollment Form to AmeriDream
  4. Choose settlement company
  5. Close the loan at settlement

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.