First-Time Home Buyer Grants Up to $5000 for Down Payment for Active and Veteran Military Members
Do you know someone who has served their country in our military? There is a new grant being offered for up to $5000 which can be applied to a mortgage at any financial institutions made possible through the Dream Makers program. The not-for-profit Pentagon Federal Credit Union Foundation is offering assistance to make first-time home buying possible for our nation’s finest.
St. Louis Military Personnel Who are Eligible for the Dream Makers Grant Program
1. You are a military individual (Active Duty, Reserve, National Guard or Veteran), a Department of Defense employee or a Department of Homeland Security employee.
2. You are a first-time home buyer, or you have not owned a home for the last three years, or if you’ve lost your home through divorce or disaster.
3. Your gross household income, including allowances, that you use to qualify for your loan is a maximum of $55,000 a year or a maximum of 80% of your community’s median income based on your family size.
Dream Maker Requirements
1. The home must be owned for 5 years from the time you purchase it. If you sell it before the 5 years are up the grant must be paid on a sliding scale basis.
2. Your mortgage must be a 30 year fixed rate with a maximum of 97% financed if you made a down payment of 3%.
3. If you sell your home because of a permanent change of station (PCS) or transfer by your government job before the five years are up, you do not have to repay the grant. If you are PCS’d or transferred and keep the home, you may rent it while you serve in your new duty station.
4. The property must bye a 1-4 family unit dwelling including townhomes and condominiums.
Please Help Get the News Out to Members of the Military
Do your personally know anyone in the military that could use a helping hand in getting their first home? Please share this post with them and any other organizations you may know.
Apply online by clicking here or call Finding Homes for You at 636-532-4200 for a referral to a local lender who can provide you with more information.
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