JOB LOSS PROTECTION
By getting a loan through WHEDA, your home buyer automatically gets Job Loss Protection. This value-added benefit pays your customer’s mortgage payments for up to six months in the event of involuntary unemployment.
Features and Benefits
- Makes your customer’s house payment for up to six months in the event of involuntary job loss
- Coverage is for up to $1000 per month
- Provides peace of mind during the stress of unemployment
Eligibility Guidelines
- Borrower 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 (at least 30 hours per week).
- Borrower must not have knowledge of any impending involuntary unemployment as of the effective date.
- Borrower cannot be self-employed, an independent contractor, active military, work for a family member or own greater than 10% interest in their employer’s business.
- Must be at least 18 years old and not yet 66 years old.
- Must file a claim no later than 60 days after the beginning of your involuntary unemployment.
- All WHEDA 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.