What is American Dream Mortgage LLC

If you are looking for a way to achieve the American Dream Mortgage LLC of homeownership, you may have heard of a program called American Dream Mortgage. But what is it exactly and how can it help you buy or refinance your home?

American Dream Mortgage LLC is a loan program offered by U.S. Bank that provides homebuyers with assistance to cover some or all of their down payment, closing costs, required repairs or improvements. It also covers the cost of mortgage insurance, which is usually required for loans with less than 20% down payment. The program is designed to help low-to-moderate income borrowers and those who want to buy a home in a low-to-moderate income area.

To qualify for American Dream Mortgage, you need to meet certain criteria, such as:

  • Your income needs to be equal to or below the median income in the area you want to buy a home, or the property you are purchasing must be in a low-to-moderate income census tract.
  • Your FICO Score must be at least 640 (or 680 if you’re interested in a property with more than one unit). If you don’t have a FICO Score, the program can use alternative credit data like your monthly rent, utility payments, income and employment information.
  • Your monthly debts, including housing, need to be less than 43% of your income.
  • You have to contribute at least $1,000 to the home purchase.
  • You must complete a course on homebuying.
  • The program offers a competitive, fixed interest rate for the life of the loan, which is 30 years. The amount of assistance you can get depends on the purchase price of the home, but it can be up to either $5,500 or 3% of the purchase price up to $10,000 – whichever is greater. The assistance can be in the form of a grant, a second mortgage, or a mortgage credit certificate, depending on the program you choose.
    American Dream Mortgage LLC is available in 26 states: Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin and Wyoming. If you don’t see your state listed, there may be other assistance programs in your area.

    American Dream Mortgage LLC is not the only option for down payment assistance. There are many other programs offered by federal, state, county or local government agencies, nonprofits or employers. You can explore some of them on the U.S. Bank website or talk to a mortgage loan officer to learn more.

    Buying a home is a big decision, but it doesn’t have to be a stressful one. With American Dream Mortgage, you can get the help you need to make your dream a reality. Contact us today to find out if you qualify and start your journey to homeownership.

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