$5,000 Grants for First-Time Military Buyers
Thank you Sandra Mathewson, for putting together this blog. This is such an amazing deal for First-Time Military Buyers. So many people don't know about it that should. If you are a first time military buyer, you should ask your lender about this program. (remarks have been disabled please remark on Sandra's original post)
Active duty personnel, veterans, retired members of the military, and employees of the U.S. Department of Defense and the Department of Homeland Security are eligible to apply for up to $5000 in down payment and closing costs in the purchase of a first home. The national nonprofit Pentagon Federal Credit Union Foundation is offering the assistance through its 'Dream Makers' programs and says the grants can be applied 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
Click here to determine your community's median income based on family size.
What Steps Do I Take?
Decide the amount of money you will contribute to your mortgage financing.
- $500 is the minimum amount for you to contribute.
- Dream Makers will match that three-to-one, up to our maximum of $5000.
- Estimate the size of your mortgage loan. Decide if the money you contribute, plus the Dream Makers grant, will be at least 3% of mortgage amount. You must put 3% down to qualify for the grant.
Fill out Dream Makers application. The fastest way to complete it is online.
You may apply when you start to think about purchasing a home: you don't have to select a home and/or a mortgage company before you submit your application.More information is available at the Dream Makers program
We will respond to your application with instructions on the process. When you select your mortgage company, you will share the contact information with the Foundation who will coordinate the grant paperwork process with your lender.
Sandra Mathewson
Certified Residential Specialist, CRS
Accredited Buyer Representative, ABR
Graduate Realtor Institute, GRI
Short Sale and Foreclosure Resource, SFR, Certified Distressed Property Expert, CDPECertified New Home Specialist, CNHS
Cell: (775) 287-8222Follow me on:
Comments(1)