CHELSEA, Mass. – Metro CU said it has joined the state’s ‘Home for the Brave’ program which is providing discounted mortgages to veterans.
The program, developed by MassHousing, a quasi-government agency, includes mortgage insurance that will pay a veteran’s monthly mortgage payment for up to six months in the event he or she becomes unemployed or is deployed on active duty. Closing cost assistance is also available through a grant by Fannie Mae.
The program offers 100% financing with no down payment for single-family homes or condominiums, 97% financing for two, three, and four-family properties; discounted interest rates fixed for a minimum of 10 years; and MassHousing’s 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.
