Features and Benefits

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

Job Loss Protection Options

• Job Loss Protection offered through MGIC private mortgage insurance
• Job Loss Protection offered through Genworth private mortgage insurance

Frequently Asked Questions

What is the best way to explain the mortgage payment protection benefit?

Simply say, "As a value-added benefit of your WHEDA loan, you are covered by mortgage payment protection. This means that up to six monthly mortgage payments will be paid to your lender should you become involuntarily unemployed and if you are eligible for benefits."

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.

Eligibility

Your Customer:

• Must have been continuously employed for wages or salary for 12 consecutive weeks prior to the effective date of unemployment on a full-time basis (minimum of 30 hours per week)
• Must not have knowledge of any impending involuntary unemployment as of the effective date
• Cannot be self-employed, an independent contractor, active military, work for a family member, or own greater than 10 percent interest in their employer's business
• 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 your customer 30 days from the loan closing.