A good friend and an affordable mortgage from MassHousing helped Jordan Banach achieve his dream of homeownership.
A member of the Marine Corps Reserves, Jordan used an Operation Welcome Home loan to purchase a condominium in Salem. Key to his homebuying success was CrossCountry Mortgage Loan Partner/Loan Officer Joseph Kim, who Jordan has known since college.
"Joe was phenomenal," said Jordan. "He was constantly looking out for my best interests, giving me advice at every step. To have Joe on my side throughout the process was a big help."
Originally from Great Barrington, Mass., Jordan attended UMASS Amherst. During his sophomore year, he took a break to complete Marine Corps boot camp, then returned to school as a member of the Marine Corps Reserves.
After completing college, Jordan moved to the Boston area. He saw other classmates purchasing homes with Joe's help, and enlisted his friend in his own home search.
Joe knew that Operation Welcome Home would be an excellent option for Jordan, and told his friend he would be able to close on his condo with minimal upfront costs. With Down Payment Assistance from MassHousing, Jordan completed the transaction paying about $700.
"It really was the down payment assistance," said Joe, who noted that this was the first Operation Welcome Home loan closed by CrossCountry. "I knew it would work out for Jordan, and it did work out for the best."
Operation Welcome Home provides affordable financing for members of the National Guard and Reserves, Veterans, active-duty military and Gold Star Families. Like all MassHousing loans, Operation Welcome Home features affordable, fixed-interest rates; flexible underwriting and income limits; and loan servicing by MassHousing. In addition, loans insured by MassHousing feature MI Plus, which helps pay a borrower's mortgage in case of job loss, or for Reservists and National Guard Members called to active duty.
In addition, Operation Welcome Home loans come with MassHousing's loan program flexibilities, such as allowing non-spouse co-borrowers and financing of 2-4 unit condominium units.
The low upfront costs have allowed Jordan to complete some cosmetic updates to his home before he moves in. "Not having the burden of a big down payment or closing costs was huge," Jordan said. "I'm looking forward to moving in to my new home."