The Pentagon Federal Credit Union Foundation has helped more than 200 military families this year attain the dream of owning their first home through its Dream Makers program. The nonprofit has provided $1 million in grants to cover downpayments and closing costs.
“Many families struggle to buy their first home, but for military families it can be even harder,” said Christopher Flynn, president and CEO of the PenFed Foundation.
“From frequent moves around the country and overseas to trouble saving money for a down payment, members of our armed services often have to postpone this important milestone. Our Dream Makers program helps bridge that gap.”
Service members and veterans of all branches of the military are eligible to apply including those who are part of the Department of Homeland Security and the Department of Defense. Widows of service members are also eligible.
Other requirements include having a gross annual income of $55,000 or less, or 80% of area median income, adjusted for family size. In order to receive a grant, the borrower must also attend an approved first-time homebuyer’s course by the U.S. Department of Housing and Urban Development.