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Veteran home buying grants

Do you know about the Dream Makers Program for veterans?

US flagThe Pentagon Federal Credit Union Foundation (PenFed Foundation) is a national charity who want to help veterans own a home. PenFed will match the down payment (and possibly the closing cost requirement) two to one, up to $5,000 to eligible first time home buyers.

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

The amount of the grant is determined by a 2-to-1 match of the borrower’s contribution to their mortgage in earnest deposit and cash brought at closing with a maximum grant of $5,000. The borrower must contribute a minimum of $500.

Military hatsAre you eligible for a Dream Makers grant?

Military veteran, active duty, national guard, reserve.

Applicants are required to be first time home buyers. The definition of a first time home buyer is a buyer who has not owned a home for the previous three years, or has lost a home through disaster or divorce. Pre-approval/Pre-qualification by a licensed mortgage lender is required.

Are there any grant restrictions?

The PenFed Foundation requires a 30 year, fixed-rate loan mortgage with a 3% minimum down payment. The property must be an owner occupied single family dwelling. Condominiums and townhomes are also eligible for the PenFed Foundation grant. Prospective home buyers are required to meet reasonable income limits.


Income limitations

Gross annual income can not be more than 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

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

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