Apply for Assistance

The Dream Makers program is currently accepting applications, but due to an increase in demand please expect a longer than normal processing time. Also, please note that conditional approval is not a guarantee of funding. 
Some states and municipalities have imposed rules intended to help slow the spread of the coronavirus that are affecting the home buying process.  Applicants should be checking in with their realtor, lender, and title company to ensure local coronavirus closures have not affected their ability to proceed with their purchase.  

Military Heroes Fund

Dream Makers

What We Support

Dream Makers provides matching grants for down payment and closing cost assistance. Please carefully read the eligibility requirements below for both the applicant and the mortgage. 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. Click here to view the Dream Makers Contribution Charts.

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 (please read mortgage requirements below).

All approved applications are valid for 90 days after being submitted. Application conditional approvals may take up to 5 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.

What You’ll Need

  • A pre-approval or pre-qualification letter from your lender.
  • Additional documents will be requested if Conditional Approval is received.

Eligibility Requirements

  • Active Duty, Reserve, National Guard or Veteran
  • 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
  • Gross annual income of all applicants used to qualify for mortgage is no more than 80% of area median income, adjusted for household size. Click here to determine the income limit based on the household size for the state and county in which you’re planning to purchase.
  • Received mortgage pre-qualification or pre-approval letter from any lender
    • All approved applications are valid for 90 days after being submitted. 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:

  • Types of mortgages accepted include VA, FHA, or Conventional
  • All loans must have a 25 or 30-year repayment term and a fixed rate
  • Maximum Loan to Values apply (learn more about Loan to Value ratios here):
    • 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
    • If applicants have a VA Rating of 100% and their income is limited to VA Disability payments and Social Security Disability Income or Social Security, the mortgage can have a loan to value of 100% (this is a temporary expansion and may not be available after 6/30/2020).
  • Mortgage can be received from any Lender
  • A pre-qualification or pre-approval letter from the Lender must be uploaded as part of the application.

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