In an effort to help both veterans and active-duty military members participate in today’s housing market, the Pentagon Federal Credit Union (PenFed) Foundation is offering a new program to first-time, military homebuyers called the Dream Makers Program[1]. The program is designed to help eligible military members – including employees of the U.S. Department of Defense and the Department of Homeland Security – make down payments and cover closing costs on their homes. The money, which comes in the form of a grant valued as high as $5,000, can be applied to a mortgage from any lender in the country. For the purposes of the program, applicants who have not owned a home in the last three years or who have lost their home “through divorce or disaster” are considered to be “first-time” homebuyers[2].
Kate Koehler, chief operating officer for PenFed, explains that the credit union wanted to “make sure that [military members] have the resources to add immediate equity into their home” since they often put off buying homes early in careers due to professional moves. Now, many families are considering making the move and buying due to record-low mortgage rates and the high volume of bargain-basement deals on valuable properties. Are you noticing more military members in your client base?
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