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PenFed Foundation on Track to Help Record Number of Military Families

The ""Pentagon Federal Credit Union Foundation"":http://www.pentagonfoundation.org/site/PageServer?pagename=home_index (PenFed Foundation) is on track to give away a record number of grants this year through its Dream Makers program.

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Under the Dream Makers program, the PenFed Foundation--a nationally recognized nonprofit created to provide finance management assistance and homeownership aid to service members--offers grants to qualifying military personnel and veterans who are buying their first homes. These grants cover a portion of their down payment and closing costs.

""Members of our nation's military frequently move, living on bases around the country and overseas,"" explained Kate Kohler, COO of the PenFed Foundation and former Army captain. ""When they are finally able to settle down, they often need a little help when purchasing their first home.""

According to a release, 84 grants have already been given out this year, putting the foundation within reach of surpassing its high record of 93 grants in 2011. The program's rise in popularity over the last few years is attributed to declines in interest rates and a wind down of the wars in Iraq and Afghanistan.

Service members or veterans can ""apply for a grant"":http://www.pentagonfoundation.org/site/PageServer?pagename=dream_index online. Grantees don't need to be a member of the Pentagon Federal Credit Union, and the grant can be applied to a mortgage from any financial institution.

""With fewer service members heading overseas and longer station assignments, more of them are looking to buy a home,"" Kohler said. ""Through our Dream Makers program, the PenFed Foundation is planning on helping them make that part of the American dream come true.""

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