Rewarding You for Your Service: Military Loan Programs
Home for the Brave Mortgage
BankFive is proud to partner with MassHousing to offer the Home for the Brave Mortgage Program to our nation’s veterans. These affordable loans allow veterans and their families to purchase their primary residence – from a single-family to a four-family home – with a very small down payment. Plus, if you’re a disabled veteran, we can connect you with grants from the Veterans Administration to make accessibility upgrades to the property you’re buying.*
Operation Welcome Home
Operation Welcome Home combines a traditional 30-year, fixed rate first mortgage with a 0% interest, deferred down payment and/or closing cost assistance loan of up to 3% for first-time homebuyers who are active duty military; Veterans who served honorably; members of the Reserves or National Guard; and Gold Star Families.**
Features and benefits of the program include, but are not limited to, the following:
- 97% Maximum LTV on one-unit property; 95% Maximum LTV on two- and three-unit property
- Up to 100% CLTV financing on single family homes and condos
- Competitive interest rates and fees
- Quick and easy "conventional" mortgage process
- Non-spouse co-borrowers allowed (compared to a traditional VA loan)
- MIPlus Payment Protection unemployment benefits for eligible reservists and National Guard Members called to active duty
- Purchase & Rehabilitation options are available.
For more information about the Home for the Brave Mortgage Program or Operation Welcome Home, contact one of BankFive's mortgage specialists for more details.
*Income and loan limits apply. Contact BankFive for details. To qualify for a Home for the Brave Mortgage, you must purchase a primary residence. You do not have to be a first-time homebuyer, but you may not own more than one home upon closing the loan. Must qualify; Have a total housing debt of less than 41% and a total monthly debt of less than 45%, if you are buying a 2-, 3-, or 4-family property; have two-months reserves; if you are a first-time homebuyer or are purchasing a multi-family home, complete a homebuyer counseling course.
**Your monthly payment will vary based on the loan amount, the interest rate available at the time of application and other factors.
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