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U.S. Bank Home Mortgage is finding mortgage prospects in the military.
The mortgage arm of U.S. Bancorp is expanding its base of loan borrowers through its new program U.S. HomeFront Mortgage, a further extension of mortgage services to military members and and employees of the U.S. Department of Defense, which is among its largest customers, according to an announcement by the lender. The new program focuses particularly on military personnel who are transferring or moving their families while on active duty. However, any civilian employed by the military or any uniformed service member, active or retired, is eligible to apply for a home loan, U.S. Bank said in an E-mailed statement to MortgageDaily.com. The Minneapolis-based mortgage lender said HomeFront Mortgage “pays special attention to the distinct needs of the more than 300,000 service members who have a permanent change of station” and wish to purchase a new residence. The company added that its program particularly focuses on providing financial literacy counseling for first time home buyers, who learn what to expect in the mortgage process and how to obtain a loan with little or no down payment. “We’re going to provide service members the highest level of mortgage education and fulfillment possible,” said Dan Arrigoni, president of U.S. Bank Home Mortgage, in the announcement. HomeFront Mortgage differs from nonmilitary home loan programs in that it expands qualifying criterion to address the unique needs of military personnel, according to the e-mail statement. Military service members who are relocating are offered special features and rates, and qualification criterion is expanded for those retaining their home in the old location. Military personnel can apply for a residential loan to purchase a U.S.-based property through the program from “anywhere in the world,” U.S. Bank said, and it is currently only being offered through U.S. Bank Home Mortgage. |
Coco Salazar is an assistant editor and staff writer for MortgageDaily.com. email: [email protected]