As featured on NBC Nightly News, the PenFed Foundations Dream Makers program helps military families purchase their first home.Click hereto view the video.
We provide grants up to $5,000 toward down payments and closing costs. The PenFed Foundation wants to help make your dream of home ownership come true.
Buying our home was our first smart move. Applying for the Dream Makers grant was another. I urge other military families to check out the program. Its easy to apply online like I did.
The Dream Makers program offers grants for down payment and closing costs to first-time homebuyers of modest means who valiantly work to protect our countrys national security.
The amount of the grant is determined by a 2-to-1 match of the borrowers contribution to their mortgage in earnest deposit and cash brought at closing with a maximum grant of $5,000. The borrower must contribute a minimum of $500. Grant approvals are contingent upon available funding.
You dont have to be a Pentagon Federal Credit Union member to benefit from Dream Makers, and you can apply the grant to a mortgage from any financial institution.
Eligibility requirements for applicants:
Active Duty, Reserve, National Guard or veteran
First-time home buyer, or you have not owned a home for the last three years, or you have lost your home through divorce or disaster
Gross annual income of all applicants used to qualify for mortgage is no more than 80% of area median income, adjusted for household size.
to determine the income limit based on the household size for the state and county in which youre planning to purchase.
Received mortgage pre-qualification or pre-approval letter from any lender
All approved applications are valid for 90 days after being submitted. Application conditional approvals may take up to 10 business days. Any applicant that has not closed on their home within the 90 day period must reapply. Grants will not be awarded after closing.
*For Applicants whose loans are originated with PenFed Credit Union, VA loans can go up to but not exceed 100% LTV
All loans must have a 30 year re-payment term and a fixed rate
Mortgage can be received from any Lender
A pre-qualification or pre-approval letter from the Lender must be obtained prior to grant application and provided via email within 3 days of submission
Obtain a mortgage pre-qualification or pre-approval letter from any lender. If you have not received a letter yet and need help on how to start the mortgage process,click herefor some helpful tips.
Decide the amount of money you will contribute to your down payment and closing costs in earnest deposit and cash brought at closing to determine the grant amount you wish to request.
Submit your Dream Makers application online. Be sure you meet all eligibility requirements and are intending to close on your home within 90 days before completing the application.
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