Georgetown Savings Bank has been named an approved lender of MassHousing’s "A Home for the Brave" loan program for local veterans.

The Georgetown-based bank has committed $1.5 million to the innovative loan program for veterans, according to a statement.

"A Home for the Brave" mortgage program was developed by MassHousing, the state’s affordable housing bank, in consultation with the Veterans Housing Sub-Committee of the Governor’s Advisory Committee on Veterans Service, according to a statement.

MassHousing has enlisted the partnership of more than 50 Bay State banks and credit unions to commit more than $220 million in private funding for the Home for Brave loan program. No taxpayer funds or MassHousing bond funds will be used.

To qualify for a "Home for the Brave" mortgage, veterans must purchase or refinance a primary residence. The veteran doesn’t have to be a first-time homebuyer, but may not own more than one home upon closing the loan.

The veteran must also have good credit and complete a homebuyer-counseling course if the veteran is seeking 95 percent financing or higher.

"We are pleased and honored to be able to assist the brave men and women who have served in our country’s armed fForces in their pursuit of affordable home mortgage financing through MassHousing’s "Home for the Brave" program,” said Georgetown Savings Bank President and CEO Robert E. Balletto.