COUNTRYWIDE HOME LOANS IS OFFERING 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[SM] 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 percent of the 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;
* co-signing by a family member or close friend for the primary borrower who is establishing homeownership during deployment.
"Our military personnel risk their lives on a daily basis keeping our country safe," said Dottie Sheppick, Countrywide's executive vice president and manager of strategic products. …