Lenders
- Qualify a buyer for a loan that accepts gift funds
- Once the buyer has a ratified contract, submit down payment gift application to DreamMaker online at www.DreamMakerProgram.org
- Fax the Seller Enrollment Form to 301.977.9713
- Choose a settlement/title company
- Close the loan at settlement
Lenders must first qualify a buyer for a loan that accepts gift funds. In order for a qualified buyer to receive down payment assistance, the buyer cannot purchase a home that exceeds the Fannie Mae single-family home limit of $417,000.
Next, lenders need to register or login in at www.DreamMaker.org to submit an online application on behalf of the buyer. Lenders must submit an application at least 24 hours before settlement; the funds will be wired to the settlement agent the day of closing.
Additionally, the seller must also enroll in the DreamMaker Program by signing the seller enrollment form. A copy of the SEF will be sent to you and the settlement company/ closing attorney when your borrower's application has been approved. The SEF should be signed by the seller(s) at closing if the form was not executed prior to closing. The settlement company/ closing attorney will assure that the SEF is signed at closing. The SEF should be faxed to AmeriDream at the time of settlement.
Finally, all parties will go to settlement.
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