Pentagon Federal Credit Union has announced a grant program for Active Duty, Reserve, Guard and Veterans. The program, known as Dream Makers, offers applicants up to $5,000 in assistance for 1st Time Military buyers.
There are restrictions of course, such as income amd mandatory attendance of a home buying class. The program is intended to help famillies of modest means, with a Maximum Income of $55,000 OR 80% of the areas median family income.
| Bexar County, Texas | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| FY 2010 Income Limit Area | Median Income | FY 2010 Income Limit Category | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
| Bexar County | $57,800 | Very Low (50%) Income Limits | $20,250 | $23,150 | $26,050 | $28,900 | $31,250 | $33,550 | $35,850 | $38,150 |
| Extremely Low (30%) Income Limits | $12,150 | $13,900 | $15,650 | $17,350 | $18,750 | $20,150 | $21,550 | $22,950 | ||
| Low (80%) Income Limits | $32,400 | $37,000 | $41,650 | $46,250 | $49,950 | $53,650 | $57,350 | $61,050 | ||
If the family remains in the home for 5 years, the grant does not have to be repaid, or if you have to sale the home early due to PCS orders. Otherwise, repayment on a sliding scale according to how long you stayed in the home is required. You could also rent thome out upon transfer, and not have to repay the grant as well.
For full program guidelines and restrictions, please visit Pentagon Federal Credit Union Website.
