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Bay State Governor Deval Patrick announced last week “A Home for the Brave” – a new mortgage program that will offer safe, affordable home loans for Massachusetts veterans.

Developed by MassHousing, the state’s affordable housing bank, the program will offer home loans to veterans, including mortgage insurance that will pay a veteran’s monthly mortgage payment for up to six months in the event he or she becomes unemployed or deployed on active duty.  Closing costs assistance will also be provided to the first 200 veterans who take advantage of the program through a $300,000 grant provided by Fannie Mae.

Nearly 50 lending institutions have joined the program committing $200 million to provide veterans low or no-down payment mortgages.  According to the Department of Veterans Services, there are approximately 400,000 veterans in Massachusetts.  To find out more about the program, its benefits and eligibility requirements, visit MassHosuing’s website at www.masshousing.com