FAIRHAVEN, Mass. — First Citizens' Federal Credit Union said Monday it is the first institution in Massachusetts to complete a mortgage closing for an Iraqi war veteran under a new state-run program aimed at easing the financial plight of returning vets.
"Knowing that we could have such a profound effect on the lives of our members goes to the heart of what we are all about at First Citizens'," said Peter J. Muise, president/CEO. "While it's certainly nice to be the first in the state to complete this program, it's much more rewarding to know we have been able to make such a difference" in the life of Sgt. Tracy Brett and his family.
Under terms of the "A Home for the Brave" program developed by the Massachusetts Housing Finance agency and involving 50 banks and CUs, Sgt. Brett's mortgage with First Citizens' was completed Aug. 1. The favorable terms include a fixed rate 10-year loan, said the CU noting also it has committed $5 million to the mortgage program for future vet loans.
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"Sgt. & Mrs. Brett had been looking to purchase a new home since his return from his third tour of duty in Iraq," said First Citizens'. "Because of his scheduled separation from the military next January, they had difficulty securing a conventional mortgage from financial institutions with military affiliations."
Sgt. Brett said his real estate agent found out about the Home for the Brave program "and the rest is a whirlwind history that has us moving into a brand new home in East Freetown, only two weeks after applying."
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