McGee, Hayward help make vets housing bill a reality

LYNN – The city’s state senator and a former local legislator played key roles in guiding the “Home for the Brave” veterans housing initiative from an idea to a source of assistance.Inaugurated last week, the new mortgage program offers safe, affordable home loans to Massachusetts veterans even as the sub prime loan crisis continues sweeping the nation.Forty-two lending institutions, including ones with local ties like Saugus Bank, East Boston Savings Bank and Metropolitan Credit Union, have committed $187 million to ensure veterans can apply for low or no down payment mortgages.As a leading legislator on veterans’ affairs and the son of a World War II combat veteran, state Sen. Thomas M. McGee worked to assemble the Home for the Brave program.Former state Rep. Jeffery Hayward currently works for the Fannie Mae Community Lending Group. Fannie Mae is providing a $300,000 grant to assist the first 200 veterans who apply for mortgages to help with closing costs.”It isn’t just good business, it’s the right thing to do for people who’ve made huge sacrifices for our country,” Hayward said.Home for the Brave offers qualified veterans living in Massachusetts 100 percent financing with no down payment for single- family homes or condominiums and 97 percent financing for multi family properties.The program also provides help for disabled veterans and provides mortgage insurance to cover a veteran’s principal and interest payments in the event of job loss or military service deployment.Eligibility is partly defined by income limits and conditions outlined in state law.State veterans services officials estimate there are 400,000 veterans in Massachusetts.Lynn Veterans Services Director Michael Sweeney did not have an exact estimate of the number of local veterans who could be helped by the new program, but credited veterans advocate Thomas Lyons for helping conceive Home for the Brave.”I’m impressed people got on board with this so quickly. This shows there are people really thinking of ways to help veterans beyond what has been done traditionally,” Sweeney said.