Veterans get access to no-money down loans
From the BBJ:
Veterans will have access to low- or no-down payment mortgages under a $200 million private funding in a program announced by Gov. Deval Patrick Wednesday.
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 mortgage insurance, which will pay the principal and interest on a veteran’s 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 homes. Income limits vary, but may be as high as $111,240.
Source: State, banks unveil $200 million mortgage program for veterans – By Michelle Hillman, Boston Business Journal