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NBC Nightly News

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.

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Who Dream Makers Helps

Who Dream Makers Helps

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.

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First Time Home Buyers Program

First Time Home Buyers Program


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Dream Makers

Applying for a Dream Makers Grant

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.

How Do I Qualify?

Eligibility requirements for applicants:

  1. Active Duty, Reserve, National Guard or veteran
  2. 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
  3. Gross annual income of all applicants used to qualify for mortgage is no more than 80% of area median income, adjusted for household size.  to determine the income limit based on the household size for the state and county in which you're planning to purchase.
  4. Received mortgage pre-qualification or pre-approval letter from any lender

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.

Mortgage requirements:

  1. All types of Mortgages are accepted (e.g. VA, FHA, Conventional-Traditional 30 year)
  2. Maximum Loan to Values apply:
    • All loans must be 97% LTV or less*
      *For Applicants whose loans are originated with PenFed Credit Union, VA loans can go up to but not exceed 100% LTV
  3. All loans must have a 30 year re-payment term and a fixed rate
  4. Mortgage can be received from any Lender
  5. A pre-qualification or pre-approval letter from the Lender must be obtained prior to grant application and provided via email within 3 days of submission

What Steps Do I Take?

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.

  • Dream Makers will match your contribution 2-to-1, up to $5,000
  • $500 is the minimum contribution
  • For more details, check the Contributions Chart

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.

Apply Here

Send mortgage pre-qualification or pre-approval letter within 3 days after submitting application.  You can send your letter via e-mail to or by fax to 254-532-3950.  


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