MassHousing recently announced a $2,500 closing cost credit for Massachusetts veterans who use their 'Operation Welcome Home' loan program to buy a home. This savings in in addition to the program's offer to finance up to 97 percent of the purchase price of a single-family home or condominium.
"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," said MassHousing Executive Director Chrystal Kornegay in a press release. "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."
Relatedly, the National Associations of REATLORS® (NAR) recently released its 2018 Veterans & Active Military Home Buyers and Sellers Profile, which evaluates the differences of active-service and veteran home buyers and sellers compared to those who have never served in the military. Among the many statistics in the report, it indicates that among recent home buyers, 17 percent were veterans and 2 percent were active-military. Half of the active-service military buyers were first-time buyers and 68 percent are first-time sellers.
According to a release from NAR, despite lower median incomes ($84,000), more stable job security and no down-payment financing options give aspiring military homeowners an advantage over their civilian peers. Fifty-six percent of active duty and 41 percent of veterans put no money down when buying a home, compared to 7 percent of non-military.
For more information view this release and
infographic,
or download the full report here.