The Dream Makers first time homebuyer grant provides up to $5,000 in closing cost and/or down payment assistance for qualified Veterans and military service members with low to moderate income.
The Dream Makers grant assists our nations heroes who are unable to afford the required closing costs or possible down payment needed to achieve homeownership. Grant funds are funded by private individuals and organizations tat will never have to be repaid back.
The amount of money available for the Dream Makers grant is based on a 2-to-1 match of what the homebuyer contributes towards the home purchase from their own funds. For example: If a buyer contributes $500 towards their downpayment or closing costs from their own savings, the Dream Makers grant will provide eligible buyers $1,000.
Dream Maker Grant Contribution Chart
|Buyer Contribution||Dream Makers Contribution||Total for Closing & Down Payment|
Dream Makers Grant Eligibility
- First time homebuyer only (not owned a home in the last 3 years)
- Veteran, Active Duty, Reserve, National Guard, Department of Defense employees or Homeland security personnel
- Can be used with all mortgages types: VA, FHA, Conventional or USDA home loans
- 30 year fixed only – Maximum 97% LTV (minimum 3% down required)
- Conforming loan limits apply
- Income cannot exceed 80% of the AMI
- Property must be a SFR, condo or townhome
- First time hombuyer education course must be completed
Dream Maker Income Qualifications
Eligible military and veteran first time buyers income only counts income from borrowers who are on the loan. Qualifying income cannot exceed 80% of the HUD area median income (AMI), adjusted for household size.
How to Apply for the Dream Makers Grant
Interested home buyers should contact me here or schedule a phone call appointment to determine what your qualifying income is, how much you will qualify for, and next steps to secure grant funds.
Know All Your Options Before You Buy
The Dream Makers grant is good, but it doesn’t allow for true 100% financing because even when using a $o down VA home loan, the borrower’s LTV cannot exceed 97%!
As a USA Cares Certified Military Housing Specialist, my approach to helping people purchase with some sort of assistance program is to first learn about your goals, your financial situation, and help you find the homebuyer assistance programs you are eligible for and compare them side by side to determine which one will benefit you the most.