As featured on NBC Nightly News, the PenFed Foundation’s Dream Makers program helps military families purchase their first home. Click here to view the video.
We provide grants up to $5,000 toward down payments and closing costs. The PenFed Foundation wants to help make your dream of home ownership come true.
The Dream Makers program offers grants for down payment and closing costs to first-time homebuyers of modest means who valiantly work to protect our country’s national security.
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. Grant approvals are contingent upon available funding.
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.
Eligibility requirements for applicants:
All approved applications are valid for 90 days after being submitted. Application conditional approvals may take up to 10 business days. Any applicant that has not closed on their home within the 90 day period must reapply. Grants will not be awarded after closing.
Obtain a mortgage pre-qualification or pre-approval letter from any lender. If you have not received a letter yet and need help on how to start the mortgage process, click here for some helpful tips.
Decide the amount of money you will contribute to your down payment and closing costs in earnest deposit and cash brought at closing to determine the grant amount you wish to request.
Submit your Dream Makers application online. Be sure you meet all eligibility requirements and are intending to close on your home within 90 days before completing the application.
Send mortgage pre-qualification or pre-approval letter within 3 days after submitting application. You can send your letter via e-mail to Dream.Makers@penfed.org or by fax to 254-532-3950.
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