1. What is American Dream Savings Program?
American Dream Savings is a program that assists tenants of rental properties by educating them in budgeting, finances, home ownership, and in saving money to purchase their own home. Highlights of the program include a $.50 match for every $1.00 that is saved, which is applied as a down payment on a home. Members will also have access to expert advice from industry professionals who teach step-by-step classes on everything from improving your credit to equity building techniques to use when buying a home.
2. Who can enroll in the program?
Anyone. Our program is influenced to help tenants living in rental properties such as apartments, to become homeowners, however, existing home owner's may find the need in today's market to utilize our program for more purchasing power on their next home.
3. How much does it cost to enroll?
$350 which is fully refunded once you graduate. That's it!
4. What if I just signed or renewed a lease?
That's Great! The program is designed to help you save money while you rent so that at the end of your lease you can buy a home. The target date for purchasing can be adjusted based on your lease term to allow time for preparation and budgeting.
5. What areas does American Dream Savings currently serve?
ADS offer service to all of the Dallas Ft. Worth metroplex and surrounding cities within the following counties:
Dallas - Tarrant - Collin - Denton - Parker - Ellis - Johnson - Kaufman - Rockwall
(View map of service area)
6. Where are you going to expand to next?
ADS is planning to expand to Austin, Houston and San Antonio, TX in Spring of 2009.
7. Where do my monthly deposits go and is my money insured?
Your monthly deposits will be put into a savings account, which we will help you establish at a local Credit Union that is FDIC insured. ADS has negotiated for our clients, a waived membership fee with Neighborhood Credit Union.
8. How long does the program last?
Most members will graduate after 24 months of enrollment, however it really depends on your budget. On your initial consultation with one of our advisors, we will do a financial analysis that will determine how much you need to save each month in order to purchase a home after 2 years. You may decide that after the first 12 months you are ready, and that's ok. We can show you how.
9. What if I want to purchase a home sooner?
If you decide that you want to purchase a home sooner than 24 months, we have an accelerated program that can be tailored to your budget so that at the end of your lease you have the option to buy sooner.
10. Will I receive statements of my account?
Yes, you will receive a statement each month from the bank. In addition, you will receive a quarterly statement of your savings account from ADS with details including balance, interest earned, ADS matching contribution and how much you would need in addition, to purchase home right now.
11. What if I have less than perfect credit?
As part of our initial review, we will examine your credit to determine whether or not you are in need of some sort of credit restoration whether for late payments, collections, charge-offs, or just need a higher score. Part of our program includes steps to achieving a higher credit rating to insure that you qualify for the best loan when you purchase your home.
12. How long does the credit restoration process take?
Each case varies, and the credit reporting company's response to each dispute varies. If credit reports are received promptly, you should see significant progress within the first 60 days. After that, progress should be steady. The speed of your progress will depend on your participation, the nature of your case, and the level of credit reporting company's cooperation. It is important to stay actively involved to insure that you are in good credit standing by the time you graduate the program.
13. Can I enroll online?
Yes, you can enroll by going to the Documents tab and printing out a Financial Service Agreement form. Once completed you can fax it back to us at 469-519-8799 or bring it with you to your first workshop.
14. Can I pay my enrollment fee online?
Yes, you can make payments online using the Make Payments tab.
