I don't get paid enough to answer these questions.
A house for Ameridream does not have to necessarily qualify for the program. You live near a huge city in S.A. Go to your yellow pages and find FHA mortgage brokers. You want someone who has closed 20 deals or more in the FHA program. Ask them straight-up, "How many deals have you closed FHA? And how many are you doing this month?" If they are experienced, get 2 in your pocket.
Your next question is, "Does my house qualify for Ameridream?" They will tell you. IF THEY EXPERIENCED they will say, "Well it doesn't matter if it is. There are tons of other programs that do the same thing." (i.e. Nehemiah and others)
Make phone calls.
Unto Mater's moving questions...
"then other places suggest that the 6% can include 3% toward the downpayment." That is the correct answer: 3% closing costs & 3% down is the full concession.
If they use a grant program, and yes those were grant programs, you will not save 6%. Those grant programs are legal, ethical scams called grants. They are not grants like gov't grants, they are simply a nominally legal grant whereby you are granting the money. The gov't is trying to stop these grants, but they lost the first battle but they are going for Round 2 and they don't plan on giving up. These grant programs have to be re-paid on the spot at closing, and these "non-profits" are actually cash-cows where you have to pay them $495 extra for their fee.
These "grants" allow you 6% to the buyer legally without breaking underwriting guidelines. To tell you more than that is just going to confuse you. If you have a good loan officer he will guide you, give you an application to hand to the buyers and all you have to do is fax it back to him or scan and email it. Make their job easier and they will qualify buyers quicker.
REMEMBER REMEMBER underwriting guidelines are constantly under revision and can change on a whim. If the gov't stops the grants WATCH OUT. It's hard to get financing without FHA, even harder without a "grant".
If you get a buyer who needs 10% down but doesn't have it don't worry, tell the loan offer to learn
www.dpfunder.com. It will cover that. There are a million ways to skin a cat. Dpfunder.com is something less than 1% of loan officers know about.
Got anymore questions why don't you call me and take notes. I'll be happy to help.
For a fee :cool: