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Even though you do not have the bucks reserves required for a down payment, that does not mean you can not become a homeowner. That's because there are plans that provide down-payment assistance for potential buyers who are otherwise qualified for a mortgage.

In recent years, a few nonprofit companies have been established to help potential homebuyers by providing them the money they need for a down payment. As an example, AmeriDream provides assistance in the form of gift funds, to be used toward the purchase of a property. Since these resources come in the form of the gift, not a loan, they do not have to be repaid.

'We genuinely believe that every family in America deserving to ultimately achieve the dream of homeownership must have the ability to do so,' said Ann Ashburn, president and CEO of AmeriDream. 'Our purpose would be to break down the barriers to homeownership by giving down-payment assist with low- to moderate-income persons and families.'

Homeowners participating in the program can purchase a home with zero-percent advance payment and/or closing prices. Since it escalates the pool of qualified buyers who could be thinking about home, sellers, contractors and real estate professionals also enjoy the system.

Since its inception six years back, AmeriDream has helped most of them for the very first time, roughly 160,000 people become homeowners and significantly more than one-third of whom are minority buyers. The pro-gram comes in 49 states and the District of Columbia to qualifying homebuyers thinking about purchasing a single-family home priced less than the conforming mortgage limit of $417,000.

Enrollment in AmeriDream's gift pro-gram requires only two forms and individuals can use online. A homebuyer must then contact a lender and qualify for financing which allows gift funds, and the homebuyer must purchase a home from a builder or seller who has enrolled his or her home in the program. The home-buyer should distribute, through their bank, a present program program at least 24 hours before settlement/closing..