Program: Dream Makers Grant Program
Detail Verified 4/20/2021 - Last Updated 4/20/2021
Dream Makers Grant Program is a program that offers financial assistance of up to $5000 in the form of a 2-to-1 matching grant to first-time homebuyers who are veterans or active-duty military servicemembers. Buyer must be a first-time homebuyer or have not owned a home for at least three years or have lost their home through divorce or disaster.
This program is available in the US.
Who is Eligible for this Program?
You're eligible for a Dream Makers grant if:
1. You're active duty, reserve, National Guard, or veteran military personnel.
2. You're a first-time home buyer, have not owned a home in the past three years, or have lost your house to divorce or disaster.
3. The total gross annual income of all applicants used to receive final approval for the mortgage is no more than 80% of area median income, adjusted for family size.
The maximum assistance amount is $5000.
Program funds may be used for a down payment and/or closing costs.
Is this program for first time buyers only?: Yes
Property Eligibility Requirements
This program is available in the United States.
The sales price cannot exceed $575,000.
Allowable property types: single-family homes including townhomes and condominiums
Mortgage must be a 25 to 30-year, fixed-rate loan, maximum of 97% LTV and 3% down payment. Applicant must close on their home within 90 days of submitting their application.
Veterans who have a VA rating of 100% or who are being paid at the 100% rate due to being unemployable and whose income is primarily VA Disability and SSDI/Social Security can use the grant just for closing costs.
Benefit: The Dream Makers Program offers grants for down payments to first-time homebuyers of modest means who valiantly work to protect our country’s national security.
Loan Term: 25 - 30 years
Homebuyer Counseling / Education Required: Yes
Owner Occupancy Required: Yes