MassHousing announces $2,500 closing cost credit for veterans
The credit is available to veterans, active service members, and Gold Star families via MassHousing's Operation Welcome Home mortgage program.
The Massachusetts Housing Finance Agency announced Tuesday a $2,500 closing cost credit for Massachusetts military veterans who purchase a home through the agency. The new $2,500 closing cost credit is available to veterans, National Guard and Reserve members, active service members, and Gold Star families who purchase a home through MassHousing’s Operation Welcome Home mortgage program.
“Closing costs can run into the thousands of dollars, and by helping our veterans reduce those costs, we will make homeownership more affordable for them,” Chrystal Kornegay, the agency’s executive director, said in a statement. “When combined with MassHousing’s existing financing options, which offer military members and Gold Star families down payment assistance and up to 100 percent financing, this new closing cost credit will give the men and women who serve our country substantially more buying power.”
MassHousing is offering veterans the new $2,500 closing cost credit in addition to its Operation Welcome Home mortgage product, which finances up to 97 percent of the purchase price of a single-family home or condo. Borrowers can also use a second down payment-assistance loan for 3 percent of the purchase price – or up to $12,000 – to receive 100 percent financing.
Veterans who purchase a two-, three-, or four-family home can receive up to 95 percent financing and use the 3 percent down payment-assistance secondary loan in addition the $2,500 closing cost credit.
MassHousing is not a direct originator of mortgages; it makes home loans through 170 partner banks, mortgage lenders, and credit unions across the Commonwealth. MassHousing then purchases the loans and services them from its Boston office. A quasi-public agency, MassHousing does not use tax dollars to sustain its operations.
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