What is the DREAM Fund?

The DREAM Fund only offers financing that traditional lenders are unable to provide. The program is not intended to be a lower-cost alternative to traditional financing.

Potential borrowers must talk to their lenders first. Loans are only provided to those who have, or can, demonstrate the character and capacity to meet their loan obligations. Home buyer education is highly recommended and may be required. Interest rates are usually at market rate or lower. Terms are structured so total payments are affordable to the homebuyer.

The DREAM Fund does not provide grants. Although we do sometimes meet the full financing need, lenders will typically provide most of the financing and the DREAM Fund will furnish the difference with a second mortgage.

Interest rates and terms are structured so that total payments are affordable to the homebuyer. Interest rates are typically at market rate or lower.

Home buyer education is highly recommended and may be required.

To see how the DREAM Program has helped families achieve affordable homeownership, read the A-Z Brochure – 26 Ways the DREAM Fund Can Help You. (Note: Names have been changed to protect identities)

What types of loans are eligible?

• D – Down payment and closing costs
• R – Rehabilitation
• E – Emergency repairs
• A – And other housing loans, including construction and construction bridge loans, and
• M – Mortgage assistance, to overcome lending barriers, including appraisal and affordability gaps

The property must be owner-occupied as a primary residence within 60 days of the loan closing, except in the case of construction financing. Mobile homes not on a permanent foundation do not qualify.

The DREAM Fund can be more flexible in determining the homebuyer’s credit-worthiness than traditional lenders, but borrowers must be able to demonstrate the character and capacity to meet their obligations.

The DREAM Fund makes loans to individuals persons living in North Dakota and in Corson County, South Dakota. Although most borrowers are low-to-moderate income, we loan to families of all income levels.

This program can be more flexible in determining the homebuyer’s credit worthiness than traditional lenders. All borrowers must demonstrate the character and capacity to meet their obligations.

Rates and terms are structured so total payments are affordable to you, the borrower. Your interest rates are typically at market rate or lower.

The  property must be owner-occupied within 60 days of the loan closing, except in the case of construction financing. Mobile homes not on a permanent foundation do not qualify. Homebuyer education may be required.

An application fee is charged. Fees for other out-of-pocket expenses incurred by Lewis & Clark Development Group may also be applied.

Homebuyers should talk to their lender first, because the DREAM Fund provides only the financing that lenders are unable to provide. It does not replace what lenders can provide.

The paperwork done by the lender is generally the same as we require. For the most part, we are able to use copies of paperwork the lender already has. We charge an application fee and for any other out-of-pocket expenses incurred by CommunityWorks.

Here’s how the process works:

• Lender or Borrower contacts CWND
• Lender or Borrower submits
  • A letter explaining what type of financing they are requesting
  • A loan application (either from the lender or CWND) and supporting documentation
• CWND underwrites the loan application package
• CWND Loan Committee reviews the underwritten loan application package and approves or denies the package
• CWND notifies the lender and borrower as to the Loan Committee’s decision