Ameridream For Investors?
Hi all:
I hope this doesn't sound too terrible but does anyone know if the Ameridream program (www.ameridream.org) can be used by investors (e.g., people that won't be living in the property)? Their site doesn't say anything specifically like you have to live in the property and also says there are no income restrictions to be given a gift.
OK, it sounds bad to take money intended for low/middle income buyers but I was just curious if anyone had ever applied as an investor and succeeded.
Thanks,
DFENS
If it sounds bad, it usually is bad.
Not the most useful feedback.
My point is that the program doesn't seem to indicate there is such a restriction (which may mean that they feel investors are OK, particularly when they seem to give gifts for multi-unit dwellings). Just wondering if anyone actually tried applying for it. The worst I can imagine happening if I applied is that they'd say no.
DFENS
I've yet to find a lender that takes that program.
I have an older foreclosure course that says you can use ameridream to help your FHA buyer get their down payment. You, the seller, in return agree to give a donation equal to the down payment and a fee for using their services. It also says it's possible to have the appraisal inflated enough to cover the closing costs without breaking any laws, thereby getting all the closing costs back.
Out here in LaLa land we do not need them we do it ourselves. A lot of brokers who are working the areas which are downtrodden file a non profit corporation or perhaps just a DBA and apply for non profit status. Then they make the loan or gift to the buyer who has no money and away they go. Lots of playing around with monies in and out of escrow. It makes it possible to sell properties to people who have no money, very little credit but would like to live rent free for a few months and with proper direction even a year. The Brokers of course make the markups and the commissions and fund the deal themselves.
For some strange reason I disaprove. Cause guess who in the end gets the bullet. The taxpayer when FHA has to perform on the loan guarantee as it falls into foreclosure and assigns over to HUD to handle and it all cost money. Done a lot. Profitable but
Icky Icky. I pass.
Lucius. 8-) 8-)