I recently discovered a source for down payment grants that I had not heard of and want you to know about them. The organization is called “Ameridream” and they have some interesting attributes.
I had a conversation with their sales manager last week and he shared some interesting information.
In a recent issue I wrote about Nehemiah and Neighborhood Gold and we talked about the power of using down payment grants to get your houses sold. Without rehashing the article, I will say that down payment grants can be one of the most powerful tools in your arsenal when it comes to selling your houses.
There are a couple of particularly interesting things about Ameridream. One is they require no inspections so other than what the buyer’s lender requires. So if your buyer is not using FHA then there are no FHA inspections, meaning your house can be less than perfect.
This opens up a lot of opportunity when it comes to closing your lease option sales to your B-C buyers. When we sell to “B” and “C” buyers on lease option we don’t do all the repairs we would for an “A” buyer. And the point is that Ameridream will not impose inspections and condition requirements. This can take pressure off and allow us to get those deals closed more easily. Let’s face it. When the buyer’s option is nearing expiration and the only thing preventing them from qualifying is a down payment shortage Ameridream looks like the perfect solution.
Another interesting fact is that their fee is 0.75% of the sale price rather than the usual 1% so there is money to be saved by using them too. They also offer even lower rates for repeat customers like builders and investors. This can save us even more.
And get this: they are happy to provide professionally produced flyers, brochures, signs and other marketing materials for free. So you can go plaster the local apartment complexes with flyers and brochures that tell the story of how they can buy with absolutely no down payment. This is powerful stuff.
Lastly, I learned that Ameridream is larger and processes more Grants than Nehemiah and Neighborhood Gold combined.
Visit them at http://www.ameridreamcharity.org/index.htm
There are links to all 3 downpayment grant sources listed on the links page.