PenFed Foundation Dream Makers Grants for First Time Home Buyers
PENFED FOUNDATION DREAM MAKERS GRANTS FOR FIRST-TIME HOME BUYERS
The Pentagon Federal Credit Union Foundation offers first-time military home buyers three-to-one matching rants up to $5,000 for down payments and closing costs. The home buyer doesn’t have to be a PenFed member to benefit from Dream Makers, and the grant an apply to a mortgage from any financial institution.
- Military (Active duty, Reserve, National Guard, or Veteran), a Department of Defense employee, or a Department of Homeland Security employee.
- First-time home buyer, have not owned a home for the last three years, or lost a home through divorce or disaster.
- The gross annual income of all applicants used to qualify for a mortgage is no more than the greater of $55,000 or 80 percent of area median income, adjusted for family size.
Dream Makers Grant Application Process:
- Applicants start by deciding the amount of money they can contribute in down payment and closing costs. The minimum applicant contribution is $500.
- The applicant’s contribution plus the Dream Makers grant must be at least 3 percent of mortgage amount.
- The Dream Makers program matches the applicant’s contribution three-to-one, up to a maximum of $5,000.
- Applicants must attend a home-buying educational seminar in the area or online.
An applicant can apply for a Dream Makers grant online – even before starting to look for a home or selecting a mortgage company. For more information on eligibility (including applicable medium income and contribution limits), the application process, and seminars, go to www.pentagonfoundation.org and select Dream Makers.