Update: Program currently unavailable! Due to a law that was imposed on October 1, 2008, AmeriDream’s Down Payment Assistance Program has been discontinued. AmeriDream is actively fighting to make down payment assistance available again. If you’d like to join the fight to reform and reinstate down payment assistance, please write or email your member of Congress.

Currently, millions of first-time home buyers, minorities and other groups face difficult challenges when it comes to buying a home. The main reason for this is a lack of savings – it’s difficult to come up with the funds needed for a down payment. If you buy a home in Bullhead, Arizona – for example, a two-story/three bedroom for $200,000.00 – to do this you would normally need anywhere from 3% to 10% for the down payment and closing costs. Well, over the past 10 years a large number of down payment assistance programs have sprung up – some good – some not so good – and AmeriDream happens to be one of the good ones.

Their assistance program provides home buyers with up to ten percent of the purchase price of a home to cover the down payment and closing costs and this gift does not have to be repaid. The program helps low and moderate income families who ARE able to qualify for a mortgage, but are unable to afford the down payment and closing costs.

In defense of these programs… The negative attention some of these down payment assistance programs receive is due to the fact that the seller, who must normally agree to participate in the program, will often times slightly raise the selling price of the home. Still, when an average American home buyer is able to get into a house without paying a down payment it means MISSION ACCOMPLISHED. In other words these programs HELP A LOT OF PEOPLE and we believe the organizations responsible for these down payment assistance programs should be recognized and applauded for their good will.

If you have less than perfect credit and therefore think you may have trouble getting approved for a mortgage, Ameridream has advisers who can show you the way to a guaranteed, FHA insured home loan. We also have articles on the subject. An insured mortgage means the government will repay all, or part of, the loan if you get into financial trouble and default on the payments. The guarantee or “insurance” from the government allows banks to be less strict about borrowers’ credit scores and perceived ability to repay the loan.

Another reason to have confidence in Ameridream is their track record. Ameridream has been around since 1999 and has helped over 200,000 individuals become home owners. According to their website they help someone get into a home every 22 minutes.

Here’s a link to the Ameridream website for more on how the programs works:


And here is the rest of their contact info:

E-mail: info@ameridream.org

Mailing address:

AmeriDream, Inc.
200 Professional Dr. Suite 400
Gaithersburg, MD 20879

Toll Free Phone Number: 1-866-263-7437 (1-866-AMERIDREAM)

Local Phone Number: 301-977-9133

Fax Number: 301-977-9713