Governor Deval Patrick recently announced MassHousing's Home for the Brave mortgage program, which offers affordable, no-downpayment loans to veterans of the U.S. armed services. The loans are made possible through a partnership between MassHousing, 43 partner lenders and Fannie Mae. Among the features of Home for the Brave loans:
- 100% financing for single-family homes and condominiums; a 3% downpayment is required for 2-4-family properties
- Interest rates fixed for at least the first 10 years
- Loans are insured by MassHousing and feature MI Plus, which helps to pay principal and interest in case of job loss or deployment
- Grants are available through the Veterans Administration for disabled veterans to make accessibility upgrades to the homes they are purchasing
To qualify, homebuyers must be a veteran as defined by Massachusetts law. In addition, borrowers may earn up to 135% of the median income for the city or town in which they are buying a home, which may be as high as $111,240. You do not need to be a first-time homebuyer to qualify; Home for the Brave loans may be used to purchase a home or refinance an existing mortgage.