Buyer Protection Information:
HOPE Funds Program is a downpayment assistance program with mortgage protection as an added value. This service can help you in the event that you involuntarily lose your job and helps to provide mortgage payments to protect your home from forclosure and negative marks on your credit for your first year of the loan.
- HOPE Funds Snapshot Gift Funds
- Gifts up to $25,000 for downpayment
- Coverage
- Subject to a twelve (12) month coverage period Benefit Period Pays up to six (6) monthly mortgage payments (PITI)
- Maximum Benefits
- Pays up to $1,500/month or the mortgage payment, whichever is less
- Benefits Claim
- Trouble-free claims process with payments made directly to the borrower
- Protection
- Provides individual or joint coverage
- Key Points
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- Pays up to $1,500/month or the mortgage payment, whichever is less.
- Benefits are in addition to any resident state or local government unemployment benefits
- Allows homeowners to preserve their credit during an unemployment occurrence
- Provides individual or joint coverage Eligibility
- Must be between the ages of 18 and 66
- Cannot be self-employed, own more than 10% share of the company from which they earn W-2 Income and cannot be receiving W-2 income by working for a relative
- Must be employed full-time for a minimum of 30 hours per week for 12 consecutive weeks prior to the date of unemployment
- Must be a resident of one of the 48 contiguous states including the District of Columbia
- Easy claims process--start right over the phone by calling 1.800.711.4281
