If you are putting off purchasing a home because you are afraid that there might be changes at your job (layoffs, relocation, etc.), there might be an answer in Nova Home Loan’s Safe House Mortgage Protection Plan.
I work with a lot of different brokers. Others may have this, as well. But this is good to know.
Here are the features:
- If you lose your job, they will cover as much as 24 months of your mortgage (up to $1,800 per month). 12 months if you purchase the plan if when you are just refinancing a loan.
- You start the plan when you close on the house or complete the refinance.
- Cost = $770 on a purchase and $595 on a refinance. (You can pay this at close of escrow and maybe work it in to the closing costs that the seller pays!)
Eligibility:
- Ages 18-66
- Must reside in the US.
- Cannot be self-employed.
- Must be employed a minimum of 30hrs per week at time of close.
There are more details here. So, have a look. It might be something that could give you the piece of mind to move ahead and get a house in phoenix now, while you can still get the $8,000 tax credit!
Here is a news article about it.
Or, call Jeannie Bolger at Nova Home Loans at jeannieb@novahomeloans.com.