PenFed Down Payment Assistance Makes Home Ownership Easier

PenFed offers down payment assistance to help its members achieve their dream of homeownership. This assistance is available to eligible members who purchase a home with a PenFed mortgage loan.

The assistance is provided in the form of a grant, which does not need to be repaid. This can be a huge relief for first-time homebuyers who may be struggling to save for a down payment.

The amount of assistance varies depending on the member's credit score and other factors. For example, members with a credit score of 720 or higher may be eligible for up to 3% of the home's purchase price in assistance.

The PenFed Foundation offers a range of programs to support military members and their families in achieving their dream of homeownership.

Their Dream Makers program provides grants for down payments and closing costs, with a maximum grant amount of $5,000.

Applicants must be first-time homebuyers, have not owned a home for the last three years, or lost a home through divorce or disaster.

The program also requires a minimum applicant contribution of $500, and the applicant's contribution plus the grant must be at least 3 percent of the mortgage amount.

Eligible applicants include military personnel, Department of Defense employees, and Department of Homeland Security employees.

To apply, applicants must attend a home-buying educational seminar in the area or online.

The PenFed Foundation has helped over 200 military families across 40 states achieve their dream of homeownership through the Dream Makers program.

In 2013, the PenFed Foundation received the Association of the United States Army National Service Award for "exemplary service and demonstrated enduring support to the American soldier and the United States Army community."

The program provides an incredible opportunity for military families to buy their own home, and is one way to thank them for their service and sacrifice.

To be eligible for the PenFed Foundation Dream Makers Grant, you must be a first-time homebuyer of modest means who has served in the military or works for the Department of Homeland Security (DHS).

The program offers a 2-to-1 match of your contribution to your mortgage in earnest deposit and cash brought at closing, with a maximum grant of $5,000.

You can use the grant for down payment and closing costs, and it does not have to be repaid.

The borrower must contribute a minimum of $500 to receive the grant.

Here are the key benefits of the PenFed Foundation Dream Makers Grant: