Fear & Loading: Helping Those In Uniform Achieve The American Dream

No one can put a value on the sacrifice made by the men and women willing to wear one of our nation’s uniforms and stand on the front line of freedom. Their sacrifice is what has guarded this great nation throughout its history, even when there was no conflict or threat of nuclear holocaust.

They left home, loved ones and friends to protect us all, whether they served in a forward operating base in remote Afghanistan or worked stateside. Unfortunately, when many return the American dream of finally owning the roof over their heads is an insurmountable challenge. 

PenFed Foundation, in a partnership with the Pentagon Federal Credit Union and Home Loan Bank, is working to address the situation by offering low-to-moderate income military and veteran home purchasers a $7,500 grant—or $10,000 for those who served in designated combat areas.

PenFed Foundation was founded after 9/11 by the Pentagon Federal Credit Union leadership to support U.S. military personnel and veterans who are purchasing a home in a county in which their income level is at or below 80 percent of the median income for the county. To determine your county median income, visit the U.S. Department of Housing and Urban Development website.

The Foundation offers 2-for-1 grants up to $5,000, when the buyers puts down at least 3 percent of the purchase price (for which the grant can be counted), and the mortgage has a minimum 97 percent loan to value.  There is no lien required and the purchaser can obtain a mortgage from any financial institution. Go to PenFedFoundation.org, and click on the Dream Makers Program. 

These grants are subject to funding at the time of application and approval. There is no down payment required, but the mortgage must be obtained from the PenFed Credit Union and the purchaser has to agree to a 5-year lien on the home for the amount of the grant. Membership in the Credit Union is required, but military service is not required to join the credit union, and it is easy to join; just go to penfed.org. As for the lien, it amortizes over 5 years, and if the homeowner moves before the five-year period, the house can be rented out. Moreover, if the homeowner sells the house, the grant only has to be repaid if there is a profit on the sale of the house. For more information on this grant, contact the PenFed Foundation at [email protected]. 

The PenFed Foundation also offers grants for; 1) disabled veterans of the Iraq and Afghanistan wars facing a short-term financial emergency or in need of child care support, and 2) family members and caregivers who need respite, child care, or education support. And, the Foundation backs no-interest loans up to $500 for active-duty service members, as an alternative to predatory lending. For more details, visit the Foundation’s website and click on the Military Heroes or Asset Recovery Kit (ARK) Programs.

The Foundation is a supported by the PenFed Credit Union, and individual donations are fully tax deductible, with 100 percent going to grants in support of those patriots that are wearing or have worn the uniform of our nation. Visit PenFedFoundation.org for details.