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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. 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.

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.  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. Click here to view the Dream Makers Contribution Charts.

Mortgage requirements:

  • All types of Mortgages are accepted (e.g. VA, FHA, Conventional-Traditional 30 year)
  • 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
  • All loans must have a 30-year repayment term and a fixed rate
  • 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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