Home Buying Help for Active Duty & Veteran Military Members
For those interested in purchasing a home, particularly first-time home buyers who are looking for down payments, you can receive up to $5,000. Those looking to improve their current home by making it handicap accessible or more energy efficient, along with those who are purchasing a home in foreclosure, could be eligible for up to $15,000. Active duty and veteran military members can apply the grant to a mortgage from any financial institution, and employees of the U.S. Department of Defense and the Department of Homeland Security may also qualify.
Adds Kate Kohler, chief operating officer for the PenFed Foundation, “Members of the military often put off buying a home earlier in their careers because they’re moving around the country a lot. We want to make sure they have resources to add immediate equity into their home when they decide to buy.”
Qualification criteria for the Dream Makers grant includes being maintaining Active Duty, Reserve, National Guard or Veteran Status with the military, or being a Department of Defense or Department of Homeland Security employee. First-time home buyers who have not owned a home in the last three years or lost their homes because of a divorce or a diaster also qualify. Additionally, the gross annual of all applicants used to qualify for a mortgage is not more than $55,000 or above 80% of area median income, adjusted for family size.
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