Now I'm impressed! One of the smartest plans I've seen available for buyers. I received an email discussing the "Worry Free" Protection Plan available for buyers on their new mortgage loans.
Because there are concerns regarding job stability and making a move that involves a mortgage commitment a new program has been implemented. This is a two year program that helps the buyer with unexpected layoff. This program was put into to place to help a homeowner who has an involuntary loss of employment not become a foreclosure stat.
To Qualify for Worry Free Mortgage
- Must be an involuntary loss of employment
- Cost for coverage cannot be on the closing statement for FHA or VA
- Any party can pay for the coverage which costs $525 one time fee at close and is in place for the first two years of loan.
- Conventional loans allow this cost to be reflected on the closing statement
- Six months of mortgage payments for qualified homeowners who experience the involuntary loss up to $1,800 per month (PITI)
This program offers a great hand hold to buyers who have job security concerns but are in a position of needing to purchase a home. A great question to ask your preferred lender if they have this program available.