MAY GRADUATES HAVE HOME-BUYING OPTIONS
- Affordable Housing Nonprofit Helps Young Buyers Establish Financial Stability -
Gaithersburg, MD (May 5, 2003)—Hundreds of thousands of college graduates across the nation will pick up diplomas this month and head off for new jobs and new opportunities. One of those opportunities increasingly has been purchasing a home rather than renting. AmeriDream, Inc. is helping these young professionals get into homes by gifting money to cover down payment and closing costs that they need to realize the dream of homeownership.
With interest rates remaining low, it is often cheaper to purchase a home rather than buy. However, according to a recent survey, first-time buyers face some obstacles such as saving the necessary down payment. The survey by the Mortgage Insurance Companies of America, a trade association for mortgage companies, found that 51 percent of renters consider the down payment to be the biggest obstacle to owning a home.
That is where AmeriDream, Inc. can help. The AmeriDream Downpayment Gift Program, while not solely for first-time homebuyers, can provide the necessary closing and down payment costs of up to 5 percent or more of a home’s sales price. Recent graduates who qualify for a mortgage can invest in their futures by buying a home rather than merely paying rent.
Each month, AmeriDream helps put nearly 4,000 people into homes. The AmeriDream Downpayment Gift Program is available in all 50 states to qualifying homebuyers interested in purchasing a single-family home priced that is priced nor more than the FHA limit of $333,700, or multi-unit properties priced up to $641,650.
“The AmeriDream Downpayment Gift Program can help young buyers begin the path to financial stability earlier than past generations,” said Ann Ashburn, AmeriDream’s CEO. “It allows qualified buyers a chance at realizing the dream of homeownership.”
In order to participate, a homebuyer must contact a lender and qualify for a loan that allows gift funds. To learn more about down payment gift programs visit AmeriDream’s Web site at www.ameridream.org.
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 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.