Assistance Program Search

AmeriDream Down Payment Gift Program
AmeriDream Charity, Inc.

Program Overview

AmeriDream Down Payment Gift Program is a program that provides closing cost and down payment assistance. These costs are paid by the seller. This program is available only with certain loans; see lender for specific details. This program is available in any county in Montana. The application fee is $ 750.

Who is eligible for this program?

The borrower must qualify for an approved loan. There are no income eligibility requirements. The funds can also be used to pay closing costs. However, the seller cannot give down payment money directly to the buyer; this must be paid through the AmeriDream program. Is this program for first time buyers only? No

Property Eligibility Requirements

The sales price cannot exceed $ 417,000 for single-family homes and $641,650 for multi-unit properties for conventional loans only. Allowable property types: Single family, multi-family, condos, townhomes

Benefit Details

To participate in AmeriDream's Down Payment Gift Program, a homebuyer must contact a lender and qualify for a loan that allows gift funds, and the homebuyer must purchase a home from a builder or seller who has enrolled his or her home in the program. This is for first-time homebuyers only with the exception of single or displaced parents. AmeriDream's down payment gift is based on a percentage of the purchase price of the home. While there is no set dollar limit for the amount of the gift, most AmeriDream gifts range between 1% to 10% of the purchase price of the home. Assistance is subject to FHA loan limits. This loan limit is $271,050 in all Montana counties except Carbon, Flathead, Gallatin, Jefferson, Lake, Lewis & Clark, Missoula and Yellowstone counties, where the limits are higher. See this link for other FHA loan limits: https://entp.hud.gov/idapp/html/hicostlook.cfm Owner Occupancy Required: Yes Other Program Comments: The $750 application fee is to be paid by the seller.

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification .