From CommunityDispatch.com
California Mortgage Protection Program - HomeOpenersSM
By Cal HFA
Jul 29, 2005, 06:19
CalHFA conventional loans that are mortgage insured by CalHFA Mortgage Insurance Services will include HomeOpeners
SM*, a Mortgage Protection Program. This program makes up to six monthly mortgage payments if the borrower becomes involuntarily unemployed, is receiving California Employment Development Department unemployment benefits, and is seeking reemployment.
Adding HomeOpeners to CalHFA conventional loans that are mortgage insured will help overcome borrower concerns about the impact of job loss on owning a home. Borrowers who lose their job involuntarily will have a better chance with HomeOpeners to retain
their home and maintain their credit standing while they seek reemployment. Lenders will have an effective tool to avoid loan delinquency and differentiate themselves in a competitive market.
HomeOpeners is offered as part of primary mortgage insurance at no additional cost to the borrower or lender.
To read more about this program click here
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