FAIRHAVEN, Mass. – First Citizens FCU said yesterday it has joined other credit unions and banks in a new state-backed program to provide subsidized mortgages to military veterans.
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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.
