More info on our Job Loss Protection Program!

Hi everyone,

There have been some great changes that were just made to the HELP/Job Loss Protection program. The first is that the program cost is only $500 for sellers.

The Job Loss Protection Program will provide up to six months of mortgage payments if the borrower (or co-borrower) becomes involuntarily unemployed.

This program provides mortgage payment coverage for up to six months during the first 24 months of the loan.

Within 30 to 45 days after a buyer moves into a new home, a packet will arrive that explains the unemployment

coverage and how to handle a claim in the event of an involuntary job loss.

• Up to six months of mortgage payments

• Coverage up to $1,800 per month

• Easy enrollment process

Program Benefits

• Employed full time (minimum of 30 hours

per week) at time of mortgage closing

• Vesting period is 60 days

• Cannot be self employed, an independent

contractor, or active military

• Cannot own greater than 10% interest in

his/her employer’s business

• Must be between the ages of 18 and 66

and reside in the U.S.

• Primary residence, secondary homes,

and single unit investment properties

Eligibility

Coverage Period

Twenty four (24) months from the closing date of the mortgage.

Maximum Benefit

The lesser of the actual mortgage payment

(PITI) or $1,800 per month.

Benefit Period

Up to a maximum of six (6) payments during

the twenty four (24) month coverage term.

Vesting Period

Sixty (60) days from mortgage closing date

(if purchaser becomes unemployed during this Vesting Period, there is no coverage for this occurrence of unemployment).

Waiting Period

Thirty (30) days from commencement of unemployment.

Contribution Clause

When joint mortgagors are involved, benefit amount will be based on the percentage the unemployed person's income is to total qualifying income at the time of mortgage closing.

Conditions

a) Unemployment must commence during

coverage period

b) Coverage is limited to payments due

30 days after unemployment begins

c) Claimant must qualify for state

unemployment benefits

d) Claims payments cease immediately

upon re-employment

e) In the event of subsequent unemployment,

a new 30 day Waiting Period applies

Exclusions

a) Voluntary unemployment

b) Disability or medical (mental or physical)

c) Reasons listed for denial of unemployment

benefits

d) Borrowers that are self-employed or

are aware of a pending layoff

e) Strike/Lockout