CountryWide has special mortgage program for military personnel

This month, CountryWide launched a new mortgage program that can 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. The U.S. Military Optimum Loan Program, CountryWide's proprietary mortgage program designed to support homeownership by armed forces personnel, allows qualifying enlisted men and women to buy homes with little down and to use nontraditional income sources.

The program's flexible guidelines allow for:

• a minimum cash down payment from the borrower(s) of $500 or 1% 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 homeownership during deployment.

Per the Service Members Civil Relief Act of 2003, Countrywide also offers a series of options to help enlisted military personnel and families who have Countrywide mortgages and are under financial duress. For those who meet certain qualifications, Countrywide said it would:

• reduce to 6% existing Countrywide loans with rates above 6% held by enlisted service persons during their active duty period;
• forebear payments or recast loans for families of military personnel who lose their lives while on active duty;
• provide post closing counseling for military personnel who cannot make mortgage payments on time

Countrywide's U.S. Military Optimum Loan Program will not replace the Veteran's Administration guaranteed loan program. The company will continue to originate VA mortgage loans that require a zero down payment.