SOURCE: PenFed Realty

March 11, 2008 10:49 ET

Rebate Program Helps Make Home Ownership Dreams Come True

PenFed Realty's Rebate Program Saves Clients $1 Million

RESTON, VA--(Marketwire - March 11, 2008) - Prospective homebuyers looking to finance a home purchase in today's market may find their dreams unattainable due to tighter loan underwriting guidelines and higher down payment requirements. In response to these challenges, PenFed Realty has introduced its Buyer Advantage Rebate program to help make home ownership more affordable.

When a buyer purchases a home with a Realtor from PenFed Realty, s/he can receive 1% of the home's sales price back in the form of a closing cost credit. A buyer purchasing a $400,000 home with PenFed Realty can get $4,000 back at settlement.

"We originally designed this program for military families facing frequent relocation and the associated costs," said PenFed Realty President and Principal Broker Kevin Wiles. "We quickly realized the rebates would be beneficial to all home buyers so we expanded the program to include anyone buying a home in DC, MD or VA with no membership requirements."

In addition to the rebate program, buyers can save even more by financing their mortgage with Pentagon Federal Credit Union and closing with a preferred partner. They will not pay any lender fees or a settlement fee as the lender will pay or waive these fees. In this scenario, a buyer could save nearly $5,500 on a $400,000 home purchase.

"Our goal is to help people get into their home of choice. Coming up with the required down payment to obtain financing can be challenging for everyone, but this program can substantially reduce the out of pocket costs to the buyer. So far, we have saved our clients over 1 Million Dollars," said Wiles.

PenFed Realty is a full service real estate brokerage firm that is a wholly owned subsidiary of Pentagon Federal Credit Union (PFCU), a 70-year-old credit union with over $11 Billion in assets and over 780,000 members worldwide. PenFed Realty provides comprehensive professional real estate services to both PFCU members and non-members alike in Maryland, North Carolina, Virginia and Washington, DC. PFCU membership is not required to use PenFed Realty.

For more information about this topic or to schedule an interview with Kevin Wiles, please call Sandy Schreider at (703) 716-2900 x10 or e-mail

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