Soldiers Get Help With Home Buys

ALEXANDRIA, Va. - Pentagon Federal Credit Union is helping some of America's patriots realize their own dream with a grant program that helps soldiers to buy their first homes.

So far, 14 families have been approved to buy homes with help from Pentagon FCU Foundation's Dream Makers program, a three-to-one matching grant. Eight of the grants have been approved while soldiers were fighting in Iraq or Afghanistan, or peacekeeping in Kosovo, according to Mary Lynn Stevens, spokesperson for the credit union's charitable arm.

"It's very gratifying to help people who keep us safe get their piece of the American Dream," Stevens told the Credit Union Journal.

The grants, available to any eligible soldiers or employees of the Department of Homeland Security, provide up to $5,000 in funds the recipients may use to pay closing costs or a down payment. To be eligible, applicants must have a household income of at least $50,000 a year and agree to attend a seminar on homeownership. The loans must be fixed for 30 years and include a down payment of at least 3%-but need not be with the credit union. "They can get a mortgage from anyone," said Stevens.

For more information on the Dream Makers first-time homebuyers grants, visit the Foundation's website at pentagonfoundation.org. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com