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Dream
Makers
This program was designed to assist those serving our National
Security who would not qualify for a mortgage due to the required
down payment and/or closing costs.
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?
What steps do I take?
Are there any restrictions?
You’re eligible for Dream Makers if:
- You're Military (Active Duty, Reserve, Guard, or Retired) or
other Department of Defense or Homeland Security Personnel (special
consideration given to OIF and OEF veterans).
- 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.
- Your gross household income including allowances is in the
qualifying range:
- less than or equal to $60,000 in the Washington, D.C. area
- less than or equal to $50,000 in the rest of the U.S.
We can help you determine this based on your family size and income.
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- Decide the amount of money you will contribute toward your home’s
down payment. Our representatives can help if you’d like.
- Provide us with a pending mortgage application from any financial
institution.
- Attend
a home-buying educational seminar in your area.
- Click here for contact
information about the program.
For many families, home ownership is a source of pride, and a big
step closer to financial stability.
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THERE ANY RESTRICTIONS? |
- You must own your new home for five years from the time of purchase.
- If you sell before the five years are up, the grant must be
repaid on a sliding scale.
- If you sell your home because you are PCS'd (permanent change
of station), before the five year requirement is met, you do not
have to repay the grant.
- If you are PCS'd and want to continue to own the home, you may
rent it while you serve at your new duty station.
- To qualify, mortgages must be for 30-year fixed-rate loans,
maximum of 97% financed. 3% down payment required. Property must
be a single family dwelling including townhomes and condominiums.
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Mortgages for 30-year fixed-rate loans, maximum of 97% financed.
3% down payment required. Property must be a 1-4 family unit. Must
be at or below maximum income guidelines to qualify.
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