Features and Benefits

• Payment Protection - makes your house payment for up to six months in the event of involuntary job loss
• Provides peace of mind during the stress of unemployment

Frequently Asked Questions

What is the mortgage payment protection benefit?

As a value-added benefit of your WHEDA loan, you are covered by mortgage payment protection for a limited time after your loan closing. If you are eligible, up to six monthly mortgage payments will be paid to your lender should you become involuntarily unemployed.

Is this coverage mandatory?

Yes, all qualified borrowers must be insured under a mortgage payment protection plan. Borrowers may elect to obtain comparable coverage through another company. Evidence of coverage must be provided prior to the date of closing.

How much will be paid?

In the case of co-borrowers, the maximum benefit amount is based on the percentage of the unemployed person's income to all borrowers' total income at the time of unemployment.

Eligibility

• You must have been continuously employed for 12 consecutive weeks prior to the effective date of unemployment for a minimum of 30 hours per week.
• You must not have knowledge of an impending involuntary unemployment as of the closing date of your loan.
• You cannot be self-employed, an independent contractor, active military, work for a family member, or own greater than 10 percent interest in your employer's business.
• You must be at least 18 years old and not yet 66 years old.

Enrollment Fee:

• $150 may be paid by the private mortgage insurer
• A Certificate of Coverage will be issued and mailed to you 30 days from the loan closing