Contract Verbiage For AmeriDream Down Payment Gift Program

If you're an agent working in today's market, you're well aware that most 100% financing options are no longer available to buyers looking to purchase a home. Fortunately, a few programs do still exist. One such program is the AmeriDream Down Payment Assistance Program. According to their website, they have helped over 252,611 families purchase a home since 1999.

In our office, more and more agents have been inquiring about the AmeriDream verbiage to be used when writing a purchase offer on a home, so I thought this information might come in handy for others as well.

The language to put in the purchase contract when writing an offer on behalf of the buyer is as follows:

"Seller agrees to pay 3% of the sales price through the AmeriDream Down Payment Gift Program plus a processing fee of $375.00."

If your buyer is looking for seller contributions for closing cost you can increase the gift to be a total of 6% or add the following language:

"Seller further agrees to pay an additional 3% of the sales price towards buyer's closing costs and prepaid items as allowed by buyer's lender."

As always, check with your buyer's lender and your real estate broker for their specific requirements and verbiage prior to writing such an offer.

• AmeriDream Down Payment Assistance Program

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