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PenFed Foundation

PenFed Foundation

About PenFed Foundation

Emergency Financial Assistance

The Military Heroes Fund emergency financial assistance program offers financial assistance for wounded, ill, and injured post 9-11 combat veterans who are experiencing an unexpected short term (1- 3 months) financial setback. The grant amount cannot exceed the equivalent of three months of delinquent payment. The Foundation can only support one emergency financial request per household.

All checks will be sent directly to the creditor or landlord AFTER the grant is approved. Mortgage, Auto, and Utilities bills must be at least 30 days and no more than 90 days past due. Rent must be at least three (3) days and no more than 90 days past due. The Foundation will not assist with any late or legal fees.

  • Rent
  • Mortgage
  • Auto Loan/Lease
  • Utilities (Electric, Water, Heat)

What You’ll Need

  • DD214
  • VA or military disability rating statement OR proof of VA disability claim submission.
  • Most recent bill /statement for requested expense showing past due status and a lease agreement for rent requests.
  • A referring agency and their contact information.If you were not referred by an organization and found us online, you will still need to find yourself a referring agent.
    • For example, agencies such as Code Of Support, Wounded Warrior Project, your social worker or doctor, or any other nonprofit military aid organizations will be happy to serve as your referring agency.
    • We cannot process your application without this information because we need to be able to verify your identity and financial situation.

Eligibility Requirements

  • Have served in combat post 9/11
  • Have a VA disability rating of 10% or more
  • Have been honorably discharged
  • Financial setback no more than 90 days

The PenFed Foundation is here to assist those facing eviction due to unemployment caused by COVID-19.  If you qualify for our Emergency Financial Assistance program AND are facing eviction due to loss of income caused by Covid-19, then you are eligible to apply for rental assistance for up to 4 months. You will need to provide a copy of your lease, a copy of your eviction notice, and proof of claim for unemployment benefits to be uploaded in the application.

The PenFed Foundation works with Veterans Plus to help us provide financial counseling for our veterans. Once the application is reviewed, The PenFed Foundation will refer to the applicant to Veterans Plus. upon completion of financial counseling, and the final approval process, a check will be sent out directly to the creditor or the landlord.

Family & Caregiver Support

Child Care Assistance
We provide child care assistance to caregivers who are experiencing financial strain in their lives as they cope with circumstances surrounding the challenges involved in caring for a disabled veteran.  The Foundation will consider assistance with childcare for up to 12 months with a $12,000 cap. Initial assistance is given for no more than 6 months and can be extended for another 6 months upon review.

Short-term Training or Education Expense
We provide one-time assistance to eligible caregivers who are seeking to enroll in a short-term training course to obtain a needed certification, recertification due to a move or lapse in certification, or enrolling in a continuing credit program for needed licensure or professional certification. The Foundation will consider assistance for up to 12 months with a $12,000 cap.

What You’ll Need

  • DD214
  • VA or military disability rating statement OR proof of VA disability claim submission.
  • Copy of invoice or estimate for requested services from a licensed/certified individual, institution, or facility.
  • Confirmation of status by being referred by any nonprofit advocacy organization such as your Army Wounded Warrior advocate (AW2), Recovery Care Coordinator (RCC), VA doctor or social worker.

Eligibility Requirements

We provide emergency financial assistance to those who live with:

  • Combat veterans of post-911 war era who have been wounded, ill, or injured during their service.
  • Can provide a DD214 and VA disability rating statement.
  • Live full time with the veteran

Dream Makers Home Buying Assistance

The Dream Makers program is currently accepting applications, but due to an increase in demand please expect a longer than normal processing time. Also, please note that conditional approval is not a guarantee of funding.

Some states and municipalities have imposed rules intended to help slow the spread of the coronavirus that are affecting the home buying process.  Applicants should be checking in with their realtor, lender, and title company to ensure local coronavirus closures have not affected their ability to proceed with their purchase.

Dream Makers provides matching grants for down payment and closing cost assistance. Please carefully read the eligibility requirements below for both the applicant and the mortgage. The amount of the grant is determined by a 2-to-1 match of the borrower’s contribution to their mortgage in earnest deposit and cash brought at closing with a maximum grant of $5,000. The borrower must contribute a minimum of $500.No cash back can be received by the borrower at closing.

Grant approvals are contingent upon available funding. You don’t have to be a Pentagon Federal Credit Union member to benefit from Dream Makers, and you can apply the grant to a mortgage from any financial institution (please read mortgage requirements below).

All approved applications are valid for 90 days after being submitted. Application conditional approvals may take up to 5 business days. Any applicant that has not closed on their home within the 90 day period must reapply. Grants will not be awarded after closing.

What You’ll Need
A pre-approval or pre-qualification letter from your lender.
Additional documents will be requested if Conditional Approval is received.

Eligibility Requirements

  • Active Duty, Reserve, National Guard or Veteran
  • First-time home buyer, or you have not owned a home for the last three years, or you have lost your home through divorce or disaster
  • Gross annual income of all applicants used to qualify for mortgage is no more than 80% of area median income, adjusted for household size. Click here to determine the income limit based on the household size for the state and county in which you’re planning to purchase.
  • Received mortgage pre-qualification or pre-approval letter from any lenderAll approved applications are valid for 90 days after being submitted. Any applicant that has not closed on their home within the 90 day period must reapply. Grants will not be awarded after closing.

Mortgage Requirements

  • Types of mortgages accepted include VA, FHA, or Conventional
  • All loans must have a 25 or 30-year repayment term and a fixed rate
  • Maximum Loan to Values apply (learn more about Loan to Value ratios here):All loans must be 97% LTV or less
  • For Applicants whose loans are originated with PenFed Credit Union, VA loans can go up to but not exceed 100% LTV
  • If applicants have a VA Rating of 100% and their income is limited to VA Disability payments and Social Security Disability Income or Social Security, the mortgage can have a loan to value of 100% (this is a temporary expansion and will be available at least through Fall 2020).
  • Mortgage can be received from any Lender
  • A pre-qualification or pre-approval letter from the Lender must be uploaded as part of the application.

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