I recently read about this program through the Realtor® magazine and thought I had to share this with everyone I knew!
What is the "Dream Makers" program?
The Dream Makers Program offers grants for down payments to first-time homebuyers of modest means who valiantly work to protect our country’s national security.
You don't 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.
How Do I Qualify?
You're eligible for a Dream Makers grant if:
- You're Military (Active Duty, Reserve, National Guard or Veteran), a Department of Defense employee or a Department of Homeland Security employee.
- You're a 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.
- The gross household income, including allowances, that you use to qualify for your mortgage loan is:
- A maximum of $55,000 per year, or
- A maximum of 80% of your community’s median income based on your family size
Are there any restrictions?
- You must own the home for five years from the time of purchase. If you sell before the five years are up, the grant must be repaid on a sliding scale.
- If you sell your home because of a permanent change of station (PCS) or transfer by your government job before the five years are up, you do not have to repay the grant. If you are PCS’d or transferred and keep the home, you may rent it while you serve in your new duty station.
- Your mortgage must be a 30-year, fixed-rate loan, maximum of 97% financed, i.e. you made a down payment of 3%.
- The property must bye a 1-4 family unit dwelling including townhomes and condominiums.
Comments(0)