I came across a great program for military first-time homebuyers today, and I had to share it! It is called the Dream Maker Grant from Pentagon Federal Credit Union (you do not have to be a member of the credit union to qualify). Through this grant First-Time Homebuyers can get free money to use toward their closing costs and down payment. To qualify you must be military (active, reserve, guard, or veteran), and must have a gross household income that is $55,000 or less (or a maximum of 80% of your community’s median income level). You also must be a First-Time Homebuyer, meaning you have not owned a home in the last 3 years or have lost it to divorce or disaster.
So what do you get?
How does up to $5000 sound? It’s true. If you meet the qualifications above, you are eligible for up to $5000 for your down payment on your first home!
How does it work?
Dream Makers will match your personal contribution to the purchase three-to-one up to $5000. They do require that you put at least $500 into your purchase and your mortgage cannot be more than 97% of the purchase price (3% down payment must be made).
You do not have to repay the grant if you live in the home for at last 5 years, or if you transfer and sell it due to a PCS! They also permit you to rent the property if you have to PCS. However, if you sell or it fails to be your primary residence within the 5 years for any other reason, you must repay the grant on a sliding scale.
Can the deal be any sweeter?
Of course it can! Coupling this program with the benefits of Homes for Heroes, and Coldwell Banker J. Wesley Dowling you can save a ton of money in purchasing your first home, enjoy the pleasure of owning your own home, and the security that it is taken care of by Coldwell Banker’s Handyman for Life! Through Homes for Heroes you can save money on your mortgage, closing costs, monthly payment and even obtain a free home warranty on your new home. Coldwell Banker’s Handyman for Life program is completely free to buyers who purchase their home through a Coldwell Banker agent. It is especially great during deployments!
Here’s the deal (More Information!):