Content area
Full Text
As heated debates over the Federal Housing Administration Act continue, veteran downpayment assistance provider AmeriDream Inc. once again is calling for closer FHA-DPA cooperation.
AmeriDream said its stated goal is to simultaneously remove one of the biggest barriers to achieving homeownership, lack of downpayment funds, and one of the biggest challenges to sustaining it in the long-term, financial education. Given the current increase of subprime-related defaults flooding the marketplace, AmeriDream president and CEO, Ann Ashburn, said 3% down, FHA-insured loans combined with DPA options such as the "AmeriDream Downpayment Gift" program, are an efficient way to serve low-income borrowers in need of affordable housing going forward. The beleaguered DPA niche, however, faces continued pressure from FHA because of allegedly higher defaults on mortgages made with this type of assistance (see story, page 7).
"AmeriDream consistently promotes programs that go around downpayment assistance. We feel it is...