What is Ameridream

AmeriDream is a 501(c)(3) charitable organization that is committed to helping those who want to purchase affordable and suitable housing and need financial assistance with their down payment and closing costs. As a buyer you can negotiate with a home seller to give you a 3% down payment and cover all of your closing costs. This give you the ability to buy a home with no money down and move in with a little equity. To find out more about the Ameridream down payment assistance program, contact your Realtor or Loan Officer.

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Free money to buy a home

No I'm not crazy. With the Ameridream program you can get a seller to contribute 3% of your down payment for your home purchase. If you don't have any money, the fha will also allow a seller to pick up all of your closing costs. Effectively you can still buy a home with no money down and have equity in the property. The key is to find a seller that is willing to provide you this funding. With the real estate market the way it is, sellers have to be more aggressive in the marketing of properties. A seller can give you up to a 6% concession on an FHA loan. In a buyers market, you should be able to find a seller that is willing.

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Can I still buy a home with no money down?

Easy answer is yes. FHA has some great options available. With an FHA mortgage you are allowed to have a seller pay all of your closing costs and provide a down payment. You must find a seller that is willing to do this because all of this money comes out of their proceeds. But in a down market sellers are more willing to do this if they are motivated to sell their property. My advice is to find a Realtor this is familiar with FHA financing knowledge to help you work out a no closing cost home purchase.

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You can still do 100% financing in Ireland

I am currently in Ireland and saw a bank advertising 100% financing. I think they are about to learn the same lessons there as we are currently learning in the states. I was told that these are about to go away just like they did in the state. They should get them to go away as fast as possible.

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Did Fannie Mae put your home in a Declining Market Status?

Across the country property values have done a free fall while some areas have remained relatively stable. In Maricopa County Arizona, Fannie Mae has declared this county a declining market. What this means is that every appraisal that they look at, they are going to cut the value of the appraisal by 5%. What this means now is that you will have to have to put money down if you want to buy a home. They will no longer do 100% financing. If you are trying to refinance, you better have equity in your home or they will no longer look at you.

There are portfolio lenders out there that will still do one hundred percent financing, they just charge a higher rate for it. US Bank still offers 100% financing in areas that are deemed declining by Fannie Mae, you can expect to pay about 1.25% higher rates over conventional lenders that sell their loans to the Fannie Mae and Freddie Mac corporations.

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