MassHousing’s mortgage program for Veterans and members of the Armed Forces has filled a need in Massachusetts.
Operation Welcome Home helps Veterans, active-duty military, members of the Reserves and National Guard, and Gold Star Families achieve the dream of homeownership by providing up to 100% financing for qualifying borrowers. Since Operation Welcome Home was launched on Veterans’ Day 2015, MassHousing has closed 66 loans for $16.5 million through the program.
“Operation Welcome Home has been a great success in making the dream of homeownership a reality for those who served and continue to serve our country,” said MassHousing’s Director of HomeOwnership Lending Lisa Fiandaca. “The program is meeting a need for those who might not qualify for the VA loan, but who are looking for a safe, affordable mortgage.”
Operation Welcome Home is for
- Veterans, active-duty military, members of the Reserves and National Guard, and Gold Star Families
- Borrowers must be first-time homebuyers
- Loans can be used to finance the purchase of a one- to 3-family property
- A purchase and rehabilitation option is available
The program offers up to 100% financing by combining
- An affordable, fixed-interest rate mortgage
- A deferred down payment or closing cost assistance loan
VA Loan Alternative
Operation Welcome Home was created in part to provide an alternative to the VA mortgage loan program, which comes with several restrictions that can be difficult for homebuyers to overcome. Unlike the VA program, Operation Welcome Home loans come with these features:
- Non-spouse co-borrowers allowed
- No minimum service requirement
- Condominiums follow conventional guidelines
- No residual income test used to qualify
- No previous rental history required for the purchase of a two- or three-unit property
- Projected rental income from multi-family properties may be considered when determining eligibility and qualifying
National Guard, Reservist Availability
Operation Welcome Home does not have a minimum service requirement, so the many men and women currently serving in the Reserve or Guard who might not qualify for a VA mortgage can still obtain affordable financing from MassHousing.
Added Protection with MI Plus
Like all loans insured by MassHousing, Operation Welcome Home comes with the added protection of MI Plus, which helps borrowers pay their mortgage if they lose their job. With Operation Welcome Home, MI Plus benefits are also paid if borrowers are deployed, or for Reservists and National Guard Members called to active duty.
Learn more about Operation Welcome Home!