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Part of the American Dream is owning your own home, now there is a program to help America’s heroes achieve that part of the dream.
Active duty personnel (Active Duty, Reserve & National Guard), employees of the U.S. Departments of Homeland Security & Defense, and Veterans are eligible to qualify for the Dream Makers Program by the Pentagon Federal Credit Union Foundation. This program allows qualifying first time home buyers to receive a grant of up to $5,000 for a down payment and closing costs.
Do you qualify? You are eligible if:
- You are active or former Military – Active Duty, Reserve, National Guard, Veteran, DoD or DHS
- You are a first time home buyer. Or have not owned a home in 3 years or have lost your home through divorce or natural disaster.
- Your gross household income, that you use to qualify for your mortgage is: A maximum of $55,000 per year or a max of 80% of the median income of your community based on your family size
Now that you know that you are eligible, then what?
- Decide how much money you will be putting forward for your home purchase. You have to contribute at least $500 to receive the grant. The program will match your contribution 3 to 1 up to $5000. To get the most help from the program, you would need to put forward $1,667. That is the minimum amount to put down to receive $5000 in assistance. The amount of your contribution and the grant funds must equal at least 3% of the purchase price to receive the grant.
- Apply for Dream Makers. You can do this as soon as you start thinking about buying a home, so there is no reason to wait.
- The foundation will respond with instructions on the process. They will give you contact information to share with your lender to help out the process.
You can out more information about the Dream Makers program here
on the Pentagon Foundation website.
As always I’m here to help, if you would like help with this process or more information on homes in the Brazos Valley please feel free to give me a call @ 979.255.1839.
Clay Lee – Realtor
Century 21 Beal, Inc.