Lisa Barton

Good news for first-time home buyers who are veterans or are currently serving in the military! There is a new program available offering financial help in the forms of grants. Active duty personnel, veterans, retired members of the military and employees of the U.S. Department of Defense and the Department of Homeland Security may be eligible for a grant up to $5,000 to use toward downpayments and closing costs if buying their first home. The grants can be applied to a mortgage issued by any financial institution. Requirements: military affiliation - (active duty, reserve, National Guard or veteran); Department of Defense employee or a Department of Homeland Security employee; first-time homebuyer or not owned a home for the last three years or a home has been lost through divorce or disaster. Gross household income, including allowances, used to qualify for a mortgage loan is a maximum of $55,000 per year, or 80 percent of a community's median income based on family size. For more details, visit this website.. 

Source: "Veterans and Active Duty Can Get Financial Help When Buying Their First Home," Pentagon Federal Credit Union Foundation (July 25, 2011) Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688.