Industry News

Military personnel gain access to new real estate loan

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Countrywide Home Loans this week announced a new mortgage program that aims to make it easier for enlisted U.S. armed forces personnel and their families who have little or no funds for down payments and closing costs to become homeowners. Countrywide's U.S. Military Optimum Loan Program also allows qualifying enlisted men and women to buy homes with nontraditional income sources. The program's guidelines allow for: a minimum cash down payment from the borrower(s) of $500 or 1 percent of sales price the inclusion of different types of military pay as income sources in addition to base pay, such as flight or hazard pay, quarter's allowances and proficiency pay the use of income from a boarder for those families who rent out a room during a family member's deployment supplemental undocumented income from borrowers who have taken second jobs, but where the pay is not easily verified cosigning by a family member or close friend for the primary borrower who is establishing home own...