NOVA Home Loans is offering the SafeHouse Mortgage Protection Plan - a program that will pay mortgage expenses on time should the participant lose his/her job or experience an economic misfortune.
In this economy, some are hesitant to purchase a home because they are worried about the stability of their jobs. With the SafeHouse program, they will know that their home, usually their largest investment and source of greatest security, will be protected from the decisions that an employer may face.
As you know, this is an ideal time to buy a home. NOVA does not want to see anyone else miss out on low interest rates and bargain home values because they are concerned about the stability of their employment. NOVA's SafeHouse Mortgage Protection Plan makes the decision to buy a much easier one. Below is some important information about the program:
Eligibility
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Homeowners 18 – 66 years of age
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Must reside in the US
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Cannot be self employed, contract employee, seasonal worker or Active Military
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Employed full time (minimum 30 hours/wk) at time for mortgage closing
Coverage
Benefit
Benefit Period
Waiting Period
Conditions
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Unemployment must commence during the coverage period
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Coverage is limited to payments due 30 days after unemployment begins (waiting period)
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Claimant must qualify for state unemployment benefits
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Claims payment cease immediately upon re-employment
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In the event of subsequent unemployment, a new 30 day waiting period applies
Costs
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Purchase – Full coverage both Borrowers $770
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Purchase – Borrower and/or Co-Borrowers prorated $570
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Refinance – Full coverage both Borrowers $595
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Refinance – Borrower and/or Co-Borrowers prorated $395
NOVA offers this program in partnership with the Rainy Day Foundation. For more information about the Rain Day Foundation, go to www.rainydayfoundation.org.
Should you be interested in discussing the SafeHouse Mortgage Protection Plan in more detail, please don't hesitate to call me.
