Lenders

Does DreamMaker require a certain credit score for potential homebuyers?

No, DreamMaker does not qualify the buyer for a loan; that is up to the lender.

Can DreamMaker funds be used to pay ‘points’?

Yes, “points” are considered part of the closing costs associated with a loan. DreamMaker gift funds can be applied to pay closing costs as well as the down payment on a home purchase.

Can the program be used for conventional loans?

As long as the loan program allows the use of gift funds, DreamMaker has no restrictions on the types of loan programs that its Homebuyers use.  To be sure, buyers should check with their lenders to see if the use of DreamMaker gift funds is allowed.

Are there any income requirements or purchase price restrictions for buyers using the program?

Potential homebuyers are not restricted by income limitations, but rather by the price of the home they wish to buy. The program is available to qualifying homebuyers interested in buying a home with a purchase price no greater than $417,000 for single-family homes and $801,950 for multi-unit properties.

Is there a limit to the amount of gift money that is given?

DreamMaker’s down payment gift is based on a percentage of the purchase price of the home.  Most DreamMaker gifts range from 3% to 6% of the purchase price of the home, but can go as high as 10%.

How long does it take to receive gift funds from DreamMaker once the forms have been submitted?

Gift funds are wired directly to the Settlement Agent’s escrow account on the day of settlement.  The funds are not sent directly to the buyer.

Can the buyer use DreamMaker in combination with other gift programs or along with some of their own money?

Assuming loan limitations and other programs allow it, DreamMaker gift funds may be used in combination with other housing assistance programs or gift programs. Buyers may also use DreamMaker funds in combination with their own money if they wish to increase the amount of the down payment.  But, buyers are not required to come up with any money of their own to accompany the DreamMaker gift fund.

Can the buyer keep any “extra” gifted money that is not used towards the purchase of the home?

Homebuyers agree to return any gift funds not used toward the down payment or allowable closing costs. The entire gift must be returned if the home purchase does not close.

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