FAIRHAVEN, Mass. - First Citizens FCU said it has joined other credit unions and banks in a new state-backed program to provide subsidized mortgages to military veterans.
The “Home for the Brave” program will offer vets discounted mortgage rates, mortgage insurance for low down payments, and up to 100% financing through a program organized through MassHousing, the state’s non-profit housing agency.
The 50 participating Massachusetts lenders have pledged as much as $200 million in new loans.
Fannie Mae has provided a $300,000 grant to provide closing costs for the first 200 eligible borrowers.
Among the other participants are: Crescent CU, St. Mary’s CU, Greylock FCU and Metropolitan CU. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com
