BOSTON — Five Massachusetts credit unions are among a group of 50 financial institutions joining a new "Home for the Brave" program unveiled Wednesday by Massachusetts Gov. Duval Patrick to aid veterans with mortgage assistance.
At a capitol briefing, the governor lauded financial institutions for their willingness to offer loan and insurance aid so veterans can acquire "safe, affordable home loans" during a troubled economic period.
The program under auspices of the state's Housing Finance Agency will include 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 will be provided through a grant by Fannie Mae, said the governor's office.
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The five CUs joining a group of commercial and savings banks include: First Citizens' FCU, Crescent CU, Greylock FCU, Metropolitan CU, and St. Mary's CU.
One of the participating CUs, First Citizens' of Fairhaven said it would be making "advantageous" 10-year, fixed rate mortgage portfolio loans to veterans under a $5 million commitment to the program.
"First Citizens' has strong and deep relationships with the military community on the South Coast and Cape Cod," said Peter J. Muise, executive vice president. "Our participation in A Home for the Brave offers us yet another way to thank these men and women who have served their country at home and abroad."
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