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Treasury Secretary Paulson statement encourages support of Fannie Mae and Freddie Mac in their current form

National Mortgage Professional
Jul 13, 2008

Patrick-Murray administration announces home loan program for Massachusetts veteransMortgagePress.comHome for the Brave, Patrick-Murray Administration, veterans, Massachusetts, Fannie Mae, MassHousing Massachusetts Gov. Deval Patrick and Lt. Gov. Timothy Murray have announced "Home for the Brave," a new mortgage program that will offer safe, affordable home loans for Massachusetts veterans. The program will include mortgage insurance that will pay a veteran's monthly mortgage payment for up to six months in the event he or she becomes unemployed or is deployed on active duty. Closing cost assistance will be provided through a grant by Fannie Mae. "Brave men and women from Massachusetts are serving their country overseas to fight for our freedom and to protect our way of life," said Gov. Patrick. "They deserve every opportunity to live the American Dream, and this program will help deserving veterans do just that." "For all the sacrifices they make on our behalf, it is critical that we do everything we can to help Massachusetts' veterans reach the dream of home ownership," said Lt. Gov. Murray, who chairs the Governor's Advisory Committee on Veterans Services. "The Home for the Brave mortgage shows our appreciation to our veterans while also providing them with the peace of mind of knowing they will have assistance if they are redeployed." The "Home for the Brave" program was developed by MassHousing, the state's affordable housing bank, in consultation with the Veterans Housing Sub-Committee of the Governor's Advisory Committee on Veterans Services. Veterans will have access to a low- or no-down payment mortgages from participating banks and credit unions. So far 42 lending institutions have committed $187 million in private funding to the program. Fannie Mae has provided a $300,000 grant to assist with closing costs for the first 200 veterans who take advantage of the program. The "Home for the Brave" program mortgage offers qualified veterans of the U.S. Armed Forces living in Massachusetts: • 100-percent financing with no down payment required for single-family homes or condominiums, 97-percent financing for two, three and four-family properties. Discounted interest rates fixed for a minimum of 10 years. • Loans come with MassHousing's MI Plus mortgage insurance, which will pay the principal and interest on a veterans mortgage for up to six months in the event of a job loss or deployment. • Disabled veterans can access funds from the U.S. Veterans Administration for accessibility upgrades to their homes. • Borrowers can earn up to 135 percent of the median income for the city or town in which they are purchasing a home. Income limits vary, but may be as high as $111,240. • MassHousing will also insure veterans loans with its MI Plus mortgage insurance, which will allow veterans to receive 100-percent financing with no down payment for single-family homes and condominiums. MI Plus will also pay the principal and interest on a veterans mortgage for up to six months in the event of a job loss or deployment. To be eligible for a Home for the Brave mortgage, one must be a veteran as defined under M.G.L. c. 4, sec. 7, cl. 43rd as amended by the Acts of 2005, ch. 130. Borrowers must also have good credit and meet other underwriting standards. There are an estimated 400,000 veterans in Massachusetts, according to the Department of Veterans Services. "Taking the burden of worry from the shoulders of the service men and women who are serving this great nation of ours is the right thing to do. We've read about military families losing their homes because they can't make their mortgage payments. This program will lessen the chance that it will happen here in Massachusetts. We welcome the Home for the Brave mortgage program as another state benefit in this great Commonwealth," said Secretary Tom Kelley of the Department of Veterans' Services. The MassHousing-approved lenders participating in the "Home for the Brave" program are: Avidia Bank Bank of Canton BankFive of Fall River BayStateSavings Bank Belmont Savings Bank Cape Ann Savings Bank Cape Cod Five Cents Savings Bank Chicopee Savings Bank Community Bank Country Bank for Savings Crescent Credit Union Danvers Bank Dedham Savings Bank East Boston Savings Bank Fall River Five Cents Savings Bank Fidelity Cooperative Bank First Citizens Federal Credit Union Greenfield Cooperative Bank Greylock Federal Credit Union Haverhill Bank Hoosiac Bank Meetinghouse Cooperative Bank Metropolitan Credit Union Middlesex Savings Bank Milford National Bank MilfordFederal Monson Savings Bank Mt. Washington Bank North Easton Savings Bank Norwood Cooperative Bank Peoples Bank of Holyoke Randolph Savings Bank Rollstone Bank and Trust Saugus Bank Scituate Federal Savings Bank South Shore Bank St. Mary's Credit Union Stoneham Bank Watertown Savings Bank Webster Five Cents Saving Bank Weymouth Bank Winter Hill Federal Savings Bank "Our veterans are the backbone of our state and our nation," said MassHousing Executive Director Thomas R. Gleason. "We commend Governor Patrick and Lieutenant Governor Murray for their dedication in creating quality affordable housing for our veterans and commend the numerous lending institutions that immediately stepped forward to commit their private funding to make this very important program a reality for the hundreds of thousands of Massachusetts men and women who have served on our behalf." For more information, visit www.masshousing.com.
Published
Jul 13, 2008
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