topic Re: American Dream Program from US Bank in Mortgage Loans

American Dream Program from US Bank

GoodCredBen — Tue, 03 Jan 2012 19:27:30 GMT

Wanted to know if anyone had more information for this? Any experience?

It sounds too sweet to be true, just take a class and pending you meet their 35 million requirements (lol jk) you can get approved for a home loan?

Re: American Dream Program from US Bank

GoodCredBen — Tue, 03 Jan 2012 20:26:49 GMT

Bump anyone?

Re: American Dream Program from US Bank

Anonymous — Tue, 03 Jan 2012 20:30:27 GMT

This is a legit government ran program and there are others depending on your state like the HOPE program etc. You have to meet certain income restrictions (Low income) to qualify.

Re: American Dream Program from US Bank

GoodCredBen — Tue, 03 Jan 2012 20:36:55 GMT

well this american dream one they said there was no income restriction.... :-/ only for their down payment assistance....

Weird.

Re: American Dream Program from US Bank

Anonymous — Tue, 03 Jan 2012 20:43:49 GMT

We have something like this in our state from our state housing authority. You have to meet income guidelines and this has to be your first home purchase. Attend on weekend class and they grant you the down payment after you provide 1% of the purchase price. The down payment is a non amortizing loan that only becomes payable when you refinance or sell your home.

I think the interest rate is about 1% higher than the FHA rate right now for this program in our state.

Re: American Dream Program from US Bank

GoodCredBen — Tue, 03 Jan 2012 20:47:20 GMT

Intrest rate in my state is 4%, must provide good payment history for 1 year on 3 different trade lines. Which i have my 2 cars and my student loans, and i MUST pay at least 500 dollars of the down payment... the rest can be gift money w/e .... i am waiting for a call from the LO for more information .... but we will see.

Re: American Dream Program from US Bank

GoodCredBen — Wed, 04 Jan 2012 21:49:21 GMT

Anyone else know anything in addition to this program?

Re: American Dream Program from US Bank

Anonymous — Thu, 05 Jan 2012 01:13:42 GMT

It's really hard to say and not give you misinformation due to the fact that this program is different from state to state and can differ from county to county. I recommend contacting your local Urban League or a realtor to get specific details.