Dream Maker Program
Down Payment Assistance
The Dream Makers Grant Program provides first-time military homebuyers of modest means with the financing needed to make their down payment. Potential homebuyers do not have to be a member of the Pentagon Federal Credit Union to receive benefits from the Dream Makers. Below you will find answers to the most common questions regarding the Dream Makers Grant Program. If you have any additional questions, please visit the Pentagon Foundation website.
What are the eligibility requirements for the Dream Makers Grant Program?
In order to qualify for a Dream Makers grant, you must:
- Serve in the U.S. Military (Active Duty, Reserve, Veteran) or be an employee of the Department of Defense or Department of Homeland Security
- Be a first-time homebuyer – a first-time homebuyer is classified as a person who has not owned a home for the past three years or lost his/her home through a divorce of disaster
- Meet the gross annual income limit – income for all applicants used to qualify for the mortgage will be counted
- Combined income must not exceed $55,000 or
- Be greater than 80% of the area’s median income, adjusted for family size
How can I obtain a Dream Makers grant?
The first step you should take towards obtaining a Dream Makers grant is to decide how much you can contribute towards your down payment and closing costs. A few important things to note are:
- You must contribute at least $500
- The Dream Makers Grant Program will match your amount three-to-one, up to $5,000
- In order to qualify for the grant, you must put at least 3% down on the home you wish to purchase. Therefore, it is advised that you estimate the total size of your mortgage amount and add together what you can contribute and what the grant will provide you. If that amount is at least 3% of the cost of the home, then you will qualify. For more assistance regarding this note, see the table below:
Dream Makers Contribution Charts:
|Your Contribution||Foundation Grant||Total for Closing & Down Payment|
The second step in obtaining a Dream Makers grant is to meet the set mortgage requirements.
- Your home loan must be a 30-year, fixed-rate mortgage with no more than 97% financed and at least 3% put down. The home you wish to purchase must be a single family dwelling. Condominiums and townhomes are considered eligible.
The third step is to fill out a Dream Makers application. Perhaps the quickest way to complete the application is online on the Pentagon Foundation website. If you have not yet thought about a mortgage amount or began searching for a potential home, you can still apply for the Dream Makers grant. If you wish to fax in or email your application, fill out this form.
The next step in the process is mainly handled by your chosen lender and the Foundation. Basically, the Dream Makers Foundation will contact you after your application is received and explain further steps in the process. Once you have selected a mortgage company, you will provide the Foundation with their information. Then, the Foundation will coordinate the grant paperwork process with your lender.
The last step is to attend a home-buying educational seminar in your area.
If you have any additional questions regarding home mortgages, please contact a mortgage expert by filling out the form on the right or calling (512) 524-8077. You can also email Team@CandyBuzan.com.