FAIRHAVEN, Mass. – First Citizens’ FCU became the first Massachusetts lender to provide a home loan under the state’s “Home For The Brave” mortgage program for military veterans, the credit union announced Friday.
The first home loan went to a local veteran who recently completed his third tour in Iraq. Sgt. Joshua Brett returned from Iraq last March after completing 33 months of combat duty in that country over the last six years.
First Citizens' has committed $5 million towards the loan program, which has been developed by the Massachusetts Housing Finance Agency.
The program makes mortgage portfolio loans to veterans at a fixed rate for the first 10 years, often at advantageous rates.
Fifty lenders, including First Citizens’, Crescent CU, St. Mary’s CU, Greylock FCU and Metropolitan CU, have committed more than $200 million for the program. Fannie Mae has provided a $300,000 grant to provide closing costs for the first 200 eligible borrowers.
