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HOW DOES IT WORK?
American Family Funds, Inc is the administrator for the Dove Foundation, a 501(c)3 Non-profit charity that provides down payment assistance and/or closing costs that do not have to be repaid!
1. After pre-qualifying for a loan, select a home and make an offer contingent on the use of The American Family Funds Down Payment Gift Program. The average gift is between 3 and 5 percent of the purchase price. (Call today- to get the contact information for a Real Estate Agent and Mortgage professional in your area that understands our program).
2. The seller must accept the offer and agree to pay a fee to American Family Funds, Down Payment Gift Program from proceeds of the sale. This fee is applied to the Dove Foundation's gift pool.
3. American Family Funds makes the gift available at the time of settlement, and the funds are applied to cover your closing costs and/or downpayment obligations.
Fair Market Price |
$100,000 |
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Sale Price: |
$97,000 |
(3% drop in price) |
Downpayment |
$2,910 |
(3% YOUR OUT OF POCKET EXPENSE) |
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30 Year Loan Amt: |
$94,094 |
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Interest Rate: |
6.0% APR* |
(Rate selected for example purposes only) |
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Monthly Mortgage |
$564 |
(Principle & Interest Only) |
Fair Market Price |
$100,000 |
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Sale Price: |
$100,000 |
(Fair Market Price) |
Downpayment |
$3,000 |
(Gift from Dove Foundation) |
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30 Year Loan Amt: |
$97,000 |
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Interest Rate: |
6.0% APR* |
(Rate selected for example purposes only) |
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Monthly Mortgage |
$582 |
(Principle & Interest Only) |
Using American Family Funds, your payment will be approximately $18* more a month than had you paid the down payment. However, it will take 166 payments , or almost 14 years of payments to equal the amount of the gift you received. And, you are building equity for the future!
*Disclaimer: American Family Funds is not a mortgage lender. This is not an offer. The information provided is only a sample estimate based on the transaction amount and the APR selected. To find out the amount for which you may qualify and about specific details on loan programs available to you, please contact a lender serving your area.
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