Veteran home buying grants

Animated US flagAre you aware of the Dream Makers Program for veterans? The Pentagon Federal Credit Union Foundation (PenFed Foundation) is a nationwide charity dedicated to assisting veterans in purchasing a house. PenFed will match the down payment (and potentially the closing costs) up to $5,000 for qualified first-time home purchasers.

Vets can start with as little as $500 of your own money.

The grant amount is calculated by a 2-to-1 match of the borrower's investment to their mortgage in earnest deposit and cash presented at closing, up to a maximum award of $5,000. The borrower must make a minimum contribution of $500.

Are you eligible for a Dream Makers grant?

Military veteran, active duty, national guard, reserve.

Applicants are required to be First Time Home Buyers. A first-time house buyer is someone who has not owned a property in the preceding three years or who has lost a home due to a catastrophe or divorce. A licensed mortgage lender's pre-approval/pre-qualification is needed.

Are there any grant restrictions?

The PenFed Foundation needs a 30-year fixed-rate loan with a minimum down payment of 3%. The property must be a single-family home occupied by the owner.
The PenFed Foundation award is also available for condominiums and townhouses.
Prospective homebuyers must satisfy certain income requirements.

Income limitations

Gross annual income can not be more than 80% of area median income (adjusted for household size). See income limits

Eligible loan types

VA, FHA, Conventional

The Federal home-loan Bank of Atlanta

For qualified veterans, the Federal Home Loan Bank of Atlanta provides two home-loan programs. The Veterans Purchase Product offers up to $7,500 in down-payment, closing-cost, and principal reduction help to homebuyers who are veterans or active-duty members of the United States military, their wives, or surviving spouses.

The Returning Veterans Purchase Product offers up to $10,000 in down-payment, closing-cost, and principal reduction assistance to homebuyers who are currently serving or have served in an overseas military intervention for any branch of the United States military, their spouses, or surviving spouses.  SOURCE: FHLBbank