Safe Home buyer protection program includes Mortgage Protection that insures homeowners if they experience a loss of their employment. Many Americans today are concerned with job stability and how they are going to make their mortgage payments if they lose their job.
The job loss coverage included in the Safe Home buyer protection program assists in keeping homeowners current on their mortgage payments each month so homeowners can minimize their financial stress while they are looking for a job.
The Mortgage 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 the first 24 months of the loan.
Within 30 to 45 days after the buyer moves into their new home, a packet will arrive that explains the unemployment insurance and how to file a claim in the event of an involuntary job loss.
Twenty four (24) months from the closing date of the mortgage.
The lesser of the actual mortgage payment (PITI) or $1,800/$2,500, depending on the program chosen, per month.
Up to a maximum of six (6) payments during the twenty four (24) month coverage term.
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 PeriodThirty (30) days from commencement of unemployment.
unemployed person’s income is to total qualifying income at the time of mortgage closing.
During the first 24 months of homeownership, Rainy Day Foundation may provide enrollees grants from a pool of funds to assist our homeowners in keeping current on their mortgage payments. This pool is created by setting aside a portion of the enrollment fees for each participant.
Examples of items that may be covered are non-recurring financial events that may impact the enrollees ability to keep their mortgage current, such as, unexpected medical expenses, unusually high car repair bills, catastrophic events, or other major financial events. In the past 12 months the Rainy Day Foundation has made $4,000,000 in grants available to program participants.
This service provides homeowners with assistance for any other type of unforeseen financial difficulty. In short, this program is a safety net for homeowners should they experience a short term financial challenge. The assistance the program provides may be financial, educational, or both.