AmeriDream has survived the mortgage meltdown…. so far. The Federal Housing Agency (FHA) will be advising on new rules regarding the cash investment by borrowers. Meanwhile, the FHA has extended some dates:
- Nehemiah Corporation of American is extended until April 1, 2008.
- HUD has agreed to grant the AmeriDream Downpayment Assistance Program relief until February 29, 2008.
- Other similar downpayment assistance providers have NOT been granted relief from the effective date of the Downpayment Assistance Rule, which was October 31, 2007.
If the homebuyer entered into a contract of sale (including amendments to purchase price) on or before October 31 2007, the FHA will recognize the gift if made to teh homebuyer and properly documented as an acceptable sourceof the downpayment.
According to the official AmeriDream web page, it remains committed to continue to fight the HUD (Housing and Urban Development) Rule and to continue its mission to help individuals and families that are in need of a DPA program.
So what does this all mean? It means that there are still loan programs available to buyers who need downpayment assistance. Buyers will still have to qualify for loans and will obviously still be required to make their monthly mortgage payments or risk losing their home, but there are still loans available. If you have any questions, contact Dana McNerney at dmcnerney (at) wilsonbank (dot) com or by phone at (615) 904-6321. Also, check out other recommended lenders at the Buyer Information area to the right.
