I’ve read that in order to make a sale go through, you can use AmeriDreamCharity (an FHA approved charity) to pass the down-payment to the potential buyer so they only need $1,000 down and closing costs to purchase the home. (the charity makes a .75% profit from you on the money you pass through them as a fee)
Has anyone here used them before and how did it work out for you?
I have used them on O/O property in the past, I think thats all they do. I like newsong down payment assistance better because they have programs for O/O, 2nd homes and N/O/O.
I use this program all the time for my customers. I am a loan officer and I even used this program for my own home purchase. When you do this program just make sure you allow enough time for all the inspections etc. They are picky when it comes to the home and if there are any problems the seller would have to resolve this issue before FHA will ok the loan.