My Blog

The Pentagon Federal Credit Union Foundation (a non-profit national organization)  through its Dream Makers Program,  is offering financial assistance for Veterans who are first time homebuyers.  

Active Duty personnel, Veterans, Retired Members of the Military, Employees of  the Dept. of Defense &  the Dept. of  Homeland Security may be eligible for the housing down payment & closing cost grant of $5,000.00 if buying their first home.  The grant monies  may be applied to any mortgage and/or closing costs  issued by any financial institution.

Many members of the military put off buying a home because they might not have adequate funds for the down payment as they are moving around quite a bit early in their careers.   This grant creates immediate equity (however small) and helps to fund the downpayment and closing costs  of the Veteran who is applying for the loan; at a time when coming up with $5000.00 may be an added difficulty/or a deal breaker.

Requirements:

1.  Military Affiliation:  Active Duty, Reserve, National Guard, Veteran, Employee of Dept. of Defense or Homeland Security

2.  First Time Homebuyer or has not owned a home for the last 3 years or a home was “lost” due to divorce or disaster.

3.  Gross husehold income, including all allowances used to qualify for a mortgage, is  a maximum of $55,000.00 per year or 80% of a community’s median income based on family size demographics.

You may view the full eligibility requirements @ www.pentagonfoundation.org/dreammakers

Article exerpted from: “ Veteran’s and Active Duty Can Get Financial Help When Buying Their First Home” Pentagon Federal Credit Union Foundation (July 25, 2011).  Copyright 2011 INFORMATION, INC. Bethesda, Md. {301-215-4688}

Please feel free to comment or email me if you have any questions.