Korean War Veteran takes advantage of The Savings Bank’s affordable mortgage program for Veterans and Military Personnel

(Wakefield, MA) – Allen J. Reilly, a veteran of the Korean War, is among the recent retired and active military personnel who have purchased a home through the Home for the Brave mortgage program at The Savings Bank through a partnership with MassHousing. Reilly and his wife of 53 years, Jenni Joan (Tine) Reilly, used the financing to downsize to a smaller home in Wakefield after raising 7 children.

“This is a great program for qualified Massachusetts residents like Allen who are veterans, active duty personnel and surviving spouses of military personnel,” Assistant Vice President, Senior Mortgage Originator Jeff D’Alessandro said.

The Savings Bank introduced the affordable, low-down payment mortgage program for qualified U.S. Armed Services veterans and active duty military personnel last year, according to Senior Vice President Kathleen Beaulieu. The Home for the Brave program offers up to 100% financing for single family homes and condominiums, and up to 95% financing for two or four family multi-family homes for those who qualify for the program. The loans may be used to purchase or refinance a primary residence and qualified applicants can take advantage of a 30-year fixed rate mortgage as well as a 10/1 Adjustable Rate Mortgage and reduced closing costs. Closing cost grant money, up to $1500, may also be available from MassHousing for purchase transactions. 

Reilly, a retired health care management professional, has taken advantage of the low down payment option to fix up his new home.

“We certainly appreciate the opportunity to purchase a new home with little money down,” he said. “Without this flexibility, we would not have been able to do the things we needed to do to our new home.”

To learn more about the Home for the Brave program, as well as all loan programs at The Savings Bank, please call the Bank’s Senior Mortgage Originator, Assistant Vice President Jeff D’Alessandro at 781-224-5401, or visit www.tsbawake24.com.