Operation Welcome Home has helped 36 Veterans purchase a home in 31 communities and 11 counties
Veterans Day marked the first anniversary of MassHousing’s launch of its loan program for Massachusetts veterans.
Since its inception, Operation Welcome Home (OWH) has helped 36 Veterans purchase a home with a total of $8.5 million in MassHousing financing. There are several other OWH loans in the Agency's pipeline.
The 36 Veterans purchased homes in 31 Massachusetts communities in 11 counties. Approximately 40% of the loans were made in Gateway Cities and approximately 20% were made to minority borrowers. About one-third of the loans were made to Veterans who earn less than 80% of their area's median income.
"We're very pleased that Operation Welcome Home has been a viable option for Veterans, particularly those who were not able to qualify for a loan through the Veterans Administration," said MassHousing Executive Director Tim Sullivan. "Our Veterans and active duty service members have made many sacrifices for us and it's important that we give them the opportunity to live and work in Massachusetts. Over the past year, more and more Veterans have become aware of Operation Welcome Home and we will continue to make sure to help as many Veterans achieve the benefits of homeownership as we can."
Governor Charlie Baker announced OWH on Veterans Day in 2015 for Veterans, active-duty members of the Armed Forces, members of the National Guard and Reserves and Gold Star Families.
Operation Welcome Home combines a traditional, fixed-rate MassHousing mortgage with a 0% interest, deferred down payment and/or closing cost assistance loan of up to 3%.
Qualified borrowers can receive up to 100% financing on a single-family home or condominium. Low down payment options are also available for two-family and three-family homes.
Operation Welcome Home loans for which the borrower makes a down payment of less than 20% will include MassHousing's MIPlus mortgage insurance. MIPlus includes unemployment protection at no additional cost to the borrower. The benefit will cover the borrower's principal and interest payments up to $2,000 for up to six months in the event of a job loss. For a member of the Reserves or National Guard, activation or deployment overseas will make them eligible for the unemployment benefit as well.
MassHousing is not a direct originator of loans and instead makes loans through 170 partner banks, mortgage lenders and credit unions across the Commonwealth.
Comprehensive information about how to qualify and apply for an Operation Welcome Home loan can be found by clicking here.