On July 30, 2008, President Bush signed the Housing and Economic Recovery Act of 2008 which prohibits seller-funded down payment assistance. Historical program information is only provided for reference on this website.

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AmeriDream Program

Loan Assistance Program Canceled in 2008

Elimination of Nonprofit Down Payment Assistance: On July 30, 2008, President Bush signed the Housing and Economic Recovery Act of 2008 which prohibits seller-funded DPA (Down Payment Assistance) for loans backed by the Federal Housing Administration. Prior to this bill, the seller could contribute up to 6% to the buyer to cover either a down payment or closing costs on an FHA loan. The changes took effect on Oct. 1, 2008. We provide this information for reference only. These grants are no longer available.

NEW: Down Payment Assistance Programs for 2024

AmeriDream is a non-profit organization dedicated to helping people find affordable housing. Part of the AmeriDream mission is to help low and moderate income families buy homes by offering down payment assistance. Buyers who are qualified for an FHA loan but don't have the money for down payment and/or closing costs are eligible to apply for AmeriDream down payment assistance:

  • A down payment gift of up to 10% (typically 3%-6%) of the purchase price.
  • A true gift-the down payment assistance is not repaid by the homebuyer
  • Homebuyer must have an approved FHA home loan or pre-approved FHA loan.

To participate in the AmeriDream down payment assistance program, buyers should;

  • Get pre-approved for an FHA mortgage and start looking for a home.
  • Make an offer on the home you want to buy and get a ratified contract.
  • Your loan officer applies for the AmeriDream down payment assistance program on your behalf.
  • You will receive a "Notice of Gift Approval" from AmeriDream.
  • Close the deal on your new home.

The seller must participate in the AmeriDream program, but your loan officer can assist a seller in signing up for the program by showing where and how to apply. For your home buying needs, the loan officer will handle your application for AmeriDream down payment assistance, but may require additional information from you to help fill out the form.

AmeriDream is just one of many organizations offering down payment assistance to those with FHA approved home loans. If you have been pre-approved for an FHA mortgage loan but don't meet the income requirements for the AmeriDream program, keep looking. There are several down payment assistance programs with no income requirements or restrictions.

Since this program is no longer available, we recommend that you get pre-approved for a low down payment FHA home loan.

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