Military Families Receive Charitable Grant to Buy Homes

The Pentagon Federal Credit Union Foundation — a nonprofit organization that aids military personnel and their families in financial literacy, housing and support for the wounded — has awarded more than 200 military families in 39 states with grants to help with costs associated with buying a home, including the down payment and closing costs.

Under the terms of the grant, which is called Dream Makers, the Pentagon Federal Credit Union Foundation will match, three-to-one, the money that military families contribute to their mortgage financing, up to $5,000. Military families are required to contribute at least $500.

The program is open to service members and veterans of all branches of the military, including Active Duty, Reserve, National Guard or Veteran. Widows of service members, Department of Defense and Department of Homeland Security employees are also eligible for the program. Other stipulations include being a first-time home buyer or not having owned a home for the last three years, having a gross annual income greater of $55,000, or 80% of area median income, adjusted for family size.

Read more: http://www.marinecorpstimes.com/article/20140120/NEWS/301210001/Grants-help-military-families-buy-homes Keep Reading