Mar 09, 2012
Low-income military and defense buyers eligible for down-payment grants
09 Mar 2012
Posted by Andrew Kantor
If you have clients who are in the military (active, reserve, vet) or work for the DoD or DHS, they might be eligible for up to $5,000 in help with their down payment through a nationwide program called Dream Makers.
To be eligible for a grant, the buyer must A) be military or DHS as mentioned above, B) not have owned a home within the past three years (or lost a home through divorce
or disaster), and C) meet the income requirements — about $55,000 or less per year, or 80% of what a similar family earns in the community.
If a buyer qualifies, Dream Makers will triple whatever down payment the buyer can afford, up to $5,000. (E.g., if a buyer brings $1,000 to the table, Dream Makers will contribute an additional $3,000.)
Buyers must put down a minimum of $500, and the total down payment must equal at least three percent of the price of the home. So for a $200K house, a buyer would only need to bring $1,500 to the table; Dream Makers would kick in $4,500 to make the total down payment of $6,000.
More info is available at PenFedFoundation.org or (703) 838-1335.