Unique Mortgage Options for Active-Duty and Retired Service Members
Published on May 9, 2024
•2 min read
May is Military Appreciation Month! Metro is proud to honor our service members today and every day.
One way we support our members is setting them up with the right banking products to help accomplish big goals, like buying a home.
Saving for a home, or anything, right now is more difficult than ever before with inflation. Many Americans aren’t just struggling to save, but they’re facing high interest rates that are making mortgages unattainable, and low housing inventory is hiking up the competition and price for starter homes.
Military personnel and their families have options that may help them compete for a home by qualifying for programs that help them navigate some of these financial hurdles.
VA Loans
Veterans in Massachusetts and across the country have a unique option for their home loans.
VA Loans allow active and retired services members to secure a loan from a certified lender, like a bank or credit union, with better benefits.
With this loan, veterans and active-duty service members also benefit from:
- No Downpayment
- Some lenders may require downpayment for some borrowers using the VA Loan guaranty.
- Lower Interest Rates
- Limited Closing Costs
- No Private Mortgage Insurance (PMI)
- A Lifetime Benefit
- You can guaranty multiple times.
This loan type is a guarantee from the U.S. Department of Veteran Affairs so that military personnel can secure a single-family home, townhome, or condominium for their family. Improvements to the initial law were made back in 2004, to allow qualified borrowers to secure a home worth upwards of $359,650.
MassHousing Benefits
MassHousing is creating opportunities for homeownership in situations where it may not have seemed possible, and that’s why Metro is happy to help MassHousing recipients with financing.
Eligible borrowers could receive up to $30,000 in down payment assistance toward their new home. This offer is currently available for available borrowers looking to purchase a home in any Massachusetts town or city.
For our active duty and retired service members, you may also be eligible for a closing credit! MassHousing offers a $2,500 closing cost credit for service members, and it includes National Guard and Reserves too.
The first thing to do is research your loan options thoroughly. Each have their own specifications, qualifications, and benefits, so you want to understand which one will get you the most for your money.
Then, you’ll want to identify banking institutions near you that have the military-related products you need. Metro offers both VA Loans and financing with borrowers who utilize MassHousing.
Consult an expert, like one of our Metro Mortgage Specialists, or contact the VA Regional Loan Center, for more information.
