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American Dream Mortgage (ADDI)

Posted on May 3, 2010 by tim in Buying, First Time Home Buyer, Grant Money, Home Buyer Programs, Mortgage

The $8,000 tax credit may be over, but there are still programs out there that can help first time homebuyers realize their dream of home ownership.

One program still available is called the American Dream Downpayment Initiative (ADDI). If you need help finding a lender in the Cincinnati area that can help you with the ADDI just email me (Lindsay) at lindsay.shapiro@cbws.com .

Here is a rough outline of what the program entails:

– Buyer must be a first time homebuyer
– Be at or below 80% of the median area incomeĀ 
– Home must be within the city limits of Cincinnati
– Must be a single family home
– Fixed Interest rate throughout the life of the loan
– No Mortgage Insurance (MIP)
– Up to $3,000 assistance for closing costs, prepaids or down payment
– Repair escrows of up to $5,000 may be allowable
– Purchase Price is determined by income level
– 97% Loan-to-Value (LTV)
– Buyer required to complete Home Ownership Counseling


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