All First Weber offices are now participating in the Home Education and Loan Protection (HELP) program offered through the Rainy Day Foundation. The HELP program offers job loss protection benefits to buyers for up to 6 months of Principle, Interest, Tax and Insurance (PITI) payments, to a maximum of $1,800 per month in the even of a job loss within 24 months of closing. There is a fee of $500.00, which cannot be paid by the buyer, to enroll in the program.

Program Overview

• Provides up to six months of mortgage payments during the first 24 months from date of closing if the borrower or co-borrower becomes involuntarily unemployed.
• Coverage up to $1,800 per month.
• Properties available by a certified First Weber Agent are eligible under this program. Seller may elect not to participate.
• Cost of the program is $500, payable by the seller at closing.
• Program is offered at no cost to the buyer and cannot be funded by the buyer.
• Buyer will receive an information packet with complete details or program coverage within 45 days of closing from the Rainy Day Foundation.

Eligibility

• Must be employed full-time (minimum of 30 hours per week) at time of closing.
• Cannot be self-employed, independent contractor or active duty military.
• Cannot own greater than 10% interest in his/her employer’s business.
• Must be between the ages of 18 and 66 and reside in the United States.
• Must be eligible for state unemployment benefits.
• Program applies to primary residence, secondary homes and single unit investment properties.

Buyer Advantages

• Buyer can purchase a home with greater confidence.
• Program applies if borrower or co-borrower experiences involuntary loss of employment (assuming eligibility criteria are met).
• 24 months of coverage; can be used for multiple job losses during period for up to six months of payments (assuming criteria are met).
• Buyer may receive counseling and resources at no cost through the HELP program.

About the Rainy Day Foundation

The Rainy Day Foundation is a non-profit 501(c)3 organization who’s mission is to assist individuals in maintaining home ownership.

The Job Loss Protection Program is part of the HELP Program, administered by the Rainy Day Foundation, which is intended to help buyers navigate the challenges of home ownership.

The HELP Program provides voluntary financial and budget counseling to buyers via telephone and email for the first 24 months following closing, as well as emergency counseling and grants to assist homeowners during times of financial hardship.

For more information on this great program and how it can benefit you as a seller or buyer, please Contact Me.

The Fine Print**

• Coverage Period: 24 months from the closing date of the mortgage.
• Maximum Benefit: The lesser of the actual mortgage payment (PITI) or $1,800 per month.
• Benefit Period: Up to a maximum of six payments during the 24-month coverage term.
• Vesting Period: 60 days from mortgage closing date; no coverage if unemployment begins during the vesting period.
• Waiting Period: 30 days from first date of unemployment.
• Contribution Clause: For joint mortgagors, benefit amount will be based on the percentage the unemployed person’s income is to total qualifying income at the time of mortgage closing.
• Conditions:
  • Claimant must qualify for state unemployment benefits.
  • Claims payments cease immediately upon re-employment.
  • In the event of subsequent unemployment, a new 30-day waiting period applies.
• Exclusions:
  • Voluntary unemployment.
  • Disability or medical (mental or physical).
  • Reasons listed for denial of unemployment benefits.
  • Borrowers who are self-employed or are aware of a pending layoff.
  • Strike or lockout.

*The HELP Program including the Job Loss Protection is made available by the seller’s enrollment in the Creative Alliances SAvE Program. The Sellers Advantage via Exposure is an optional multifaceted program which includes the HELP Program.

**Buyer will receive an information packet with complete details of program, including eligibility and how to file a claim within 45 days of closing from the Rainy Day Foundation.

Tags: First Weber, home bying, job loss protection