South Coast Today (MA) (07/03/08)
Massachusetts Gov. Deval Patrick has unveiled the "Home for the Brave" program, designed to provide mortgage assistance to military veterans in the state. Under the initiative, veteran buyers of single-family homes or condominiums will receive access to zero-down financing, low-cost fixed borrowing costs for at least the first 10 years of the loan term and mortgage insurance coverage that will pay their monthly mortgage for them in the event that they become unemployed or are placed on active duty. Dozens of lenders statewide have committed $187 million in private funding to the program, and Fannie Mae has contributed a $300,000 grant to help defray closing costs for the first 200 veterans to participate.
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