MORTGAGE BROKERS APPROVED TO USE AMERIDREAM ADVANTAGE PROGRAM
-- Program Creates More Low- and Moderate-Income Housing Options --
Gaithersburg, MD (March 5, 2003)—AmeriDream, Inc., the nation’s largest down payment assistance organization, and the Community Reinvestment Acceptance (CRA) Group announced today that mortgage brokers are now approved to use the innovative AmeriDream Advantage Program for down payment assistance. The program was originally only available for use by mortgage lenders.
“We’re able to offer brokers the same advantages that were previously only available to lenders,” said CRA Group President Ned Perry. “Brokers are able to raise awareness of the program to even more buyers who previously couldn’t save up the down payment necessary for the purchase of a home.”
Through the AmeriDream Advantage Program, AmeriDream gifts a homebuyer three percent of the purchase price of a home toward their down payment or closing costs. This gift does not have to be repaid. CRA Group, in turn, provides an efficient FHA mortgage execution for lenders and brokers, and is able to reduce by almost half the service fee normally paid by a homebuilder or seller when using a down payment assistance program.
As a result, the AmeriDream Advantage Program enables more sellers to participate in down payment gift programs, which provides a larger choice of homes to these homebuyers than that which is available through standard down payment assistance programs. More buyers are able to buy homes and are able to realize the dream of home ownership.
For more information on the AmeriDream Advantage Program visit www.ameridream.org
or www.CRAGroupLLC.com, or call (877) CRA-GROUP.
To receive lender or broker approval to use the AmeriDream Advantage Program, contact CRA Group.
About CRA Group: Community Reinvestment Acceptance Group provides innovative mortgage products and helps low- and moderate-income families achieve homeownership while also supporting the Community Reinvestment Act and other affordable housing initiatives. The company’s goals are to build mortgage products and services that make it easier for people to buy homes, help lenders meet CRA requirements and promote the benefits of CRA loans to the capital markets.
About AmeriDream: The mission of AmeriDream, Inc., headquartered in Gaithersburg, MD, is to expand homeownership opportunities for underserved groups and promote the value of homeownership as the foundation for building strong communities and individual prosperity. AmeriDream, Inc. is a non-profit, publicly supported organization that is tax-exempt under Internal Revenue Code Section 501(c)(3). AmeriDream, Inc. meets the requirements for a charitable organization, as referenced in the HUD Handbook 4155.1 REV-4, CHG-1 Section 2-10 for FHA insured loans. In addition to The AmeriDream Downpayment Gift Program, AmeriDream also operates The AmeriDream Redevelopment Program in the Washington, DC metropolitan area and Florida, and operates the Community Link Program nationwide. Through the Redevelopment Program, AmeriDream has spent more than $8 million to rehabilitate properties and return them to the market at affordable prices. Through Community Link, AmeriDream has donated more than $1.5 million to a range of community organizations, including Habitat for Humanity, the American Red Cross Disaster Relief Fund, and the Victims Rights Foundation.