From REI Academy
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.
http://www.camerondirect.com/links.shtml
