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Welcoming Service Men and Women Home

by COURTNEY MURTAGH, MassHousing | Aug 31, 2018
Members of the Armed Forces, members of the Reserves and Massachusetts National Guard, honorably discharged veterans, and Gold Star Family members can take heart. Buying a home in Massachusetts just got easier. 
MassHousing’s Operation Welcome Home (OWH) loan program, endorsed by Governor Charlie Baker, is a great way for veterans—as well as active duty personal, Reserves and National Guard, and Gold Star families—to purchase their first home in Massachusetts or even buy a property that needs some repairs. 

What does Operation Welcome Home do?       

Operation Welcome Home can provide up to 100% financing for single-family homes and condos. What’s more, it can also be used to purchase two-, three-, and four-family homes. OWH loans include all the regular features of MassHousing loans, like affordable interest rates, which are fixed for the life of the loan, flexible underwriting, and excellent customer service to assist buyers and Realtors® with any questions. It also has other unique features, like: 

Down payment assistance: OWH borrowers may qualify for a down payment assistance loan of up to 3% of the purchase price, or $12,000, whichever is less. 

$2,500 closing cost credit: Closing costs are often an overlooked expense. MassHousing offers an additional closing cost credit of up to $2,500 in addition to its down payment assistance loan.

MI Plus™ mortgage insurance: Provided at no extra cost, MI Plus covers the principle and interest portion of mortgage payments - up to $2,000, for six months if a borrower loses their job and collects unemployment, gets deployed, or is called to active duty. There are monthly and single MI premiums available and discounted premiums for eligible borrowers. No other lender offers mortgage insurance like this.

Purchase and rehab in one: An OWH loan can be used to finance both the purchase and the rehabilitation of a home. This is a great option for buyers who want to purchase a home in need of some upgrades.  

Who qualifies?             

Active duty military personnel, Veterans who served honorably, members of the Reserves or National Guard, and Gold Star Family members qualify for the loan if they comply with income and loan limits and other underwriting guidelines and are purchasing a  1- to 4-family property in Massachusetts (including condominiums).  Buyers must be first-time homebuyers unless they are purchasing a home in Boston, Chelsea, Cambridge, Everett, Fall River, Lawrence, Lynn, North Adams, or Somerville.   

How does it work?         

Operation Welcome Home borrowers will work with one of 160 MassHousing-approved lenders to apply for and close their loan. Borrowers will then make their monthly payments to MassHousing, which services the loans at their Boston office.       

There are approximately 380,000 veterans living in Massachusetts, and about 30,000 are between 18 to 35—the prime home buying age. MassHousing’s public mission is to provide financing for homes to homebuyers who are not typically served by the conventional market. MassHousing wants everyone who qualifies for the Operation Welcome Home loan to take advantage of it, which could be a huge help to homebuyers.     

To learn more about Operation Welcome Home, please visit or contact MassHousing's HomeOwnership team at 888.843.6432 or homeownership@