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> Special Sections > Special Features > New program to ensure a 'Home for the Brave'
New program to ensure a 'Home for the Brave'
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By Katelyn Gendron
Reminder Assistant Editor
On July 2, Gov. Deval Patrick announced the formation of a multi-million-dollar "Home for the Brave" mortgage assistance program for the state's military veterans. The program is the culmination of several months of work by the Veterans Housing Subcommittee of Patrick's Advisory Committee on Veterans in conjunction with MassHousing.
However, some members of the subcommittee are concerned that the money will remain untouched by veterans and their families.
"Our concern is that the money is there but people don't take advantage of it," Thomas Lyons, co-chair of the Veterans Housing Subcommittee, and also manager of community services at MassHousing, said.
Subcommittee member Mike Pasterczyk, also deputy superintendent of the Holyoke Soldiers Home, said many veterans are not well educated about their benefit entitlements and others feel an immense sense of pride instilled in them during their term of service that will prevent them from seeking assistance.
The "Home for the Brave" program allows veterans, active-duty military and military spouses of those killed in active duty to acquire home mortgages with no down-payment, MI Plus mortgage payment protection (payment of the loan's principal and interest for up to six months in the event of unemployment or deployment) and closing cost assistance for the first 200 loan recipients.
The program has brought together over 40 community banks across the state who've committed $187 million in private funding as well as a $300,000 grant from Fannie Mae to cover the aforementioned closing costs.
"We wanted to help all veterans in the landscape across Massachusetts," Lyons said, adding that the program also allows veterans to refinance existing mortgages or gain financing for home accessibility upgrades.
Veterans can also gain financing for condominiums or multi-family homes.
The program also offers fixed interest rates for a minimum of 10 years and borrowers can earn up to $111,240 or 135 percent of the median income for the city or town in which they wish to purchase a home.
"This is huge right now because of the way the [housing] market is it is a phenomenal time for buyers [given] the [decreasing] price of homes and the large inventory of homes," Richard Girard Jr., director of the Western Hampden District Department of Veterans' Services, said. "A program like this can really help a veteran obtain a house that was out of their reach."
Lyons explained that with this program, the Veterans Housing Subcommittee was trying to pave the way for veterans to gain the American Dream. He noted that they also wanted to ensure that families are financially secure in the event of spousal deployment by providing them with the MI Plus mortgage payment protection.
Girard noted that the "Home for the Brave" program also allows for veterans to save their VA loan eligibility for a later date.
Gumersindo Gomez, a member of the Veterans Housing Subcommittee, and also executive director of Western Massachusetts Bilingual Veterans Outreach Center in Springfield noted that the subcommittee was also looking to decrease the number of homeless veterans statewide.
"Homelessness continues to be a huge issue for Western Massachusetts," he said, adding that his two veterans' shelters in Springfield are filled to capacity.
Gomez said he is continuously working with veterans to educate them on their benefit packages that will help them get back on their feet.
"This is an important program because any veteran who has served in any of the armed forces deserves to receive something back, whether from the Commonwealth of Massachusetts or the federal government," Pasterczyk said.
Lyons said that once the $187 million in bank contributions is depleted, the subcommittee will return to the banks for more support.
For more information about the "Home of the Brave Program" go to www.masshousing.com or contact a veterans' services representative.
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