$5000 Grants for First Time Military Buyers

By
Real Estate Agent with RE/MAX Honolulu

The most recent news of Pentagon's Foundation had an "Dream Makers" article about first-time military buyers and an available grant they can apply for up to $5,000 towards down payment and closing costs. For those whom are eligible, such as; Active duty personnel, military retirees, veterans, and U.S. Department of Defense and Department of Homeland Security.

In an effort to help the dream of home-ownership come true, please share this with anyone you know who may be eligible.

In addition, here are all the details below from the PentagonFoundation site!

Applying for a Dream Makers Grant

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:

  1. You're Military (Active Duty, Reserve, National Guard or Veteran), a Department of Defense employee or a Department of Homeland Security employee.
  2. 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.
  3. 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. To fax or email, download this form.
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.
Attend a home-buying educational seminar in your area. See upcoming seminars and locations
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Rainmaker
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Edward Peterson
eDrake - Hamden, CT
eDrake; CT

Our military deserve every accommodation; one can die any time any day but the percentages are certainly higher for those in theater.

Sep 13, 2011 06:47 PM #1
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