This program provides mortgage payment coverage for up to six months during the first 24 months of the loan.
Within 30 to 45 days after a buyer moves into a new home, a packet will arrive that explains the unemployment coverage and how to handle a claim in the event of an involuntary job loss.
• Up to six months of mortgage payments
• Coverage up to $1,800 per month
• Easy enrollment process
Program Benefits
• Employed full time (minimum of 30 hours per week) at time of mortgage closing
• Vesting period is 60 days
• Cannot be self employed, an independent contractor, or active 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 U.S.
• Primary residence, secondary homes, and single unit investment properties
Eligibility Coverage Period
Twenty four (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 (6) payments during the twenty four (24) month coverage term.
Vesting Period
Sixty (60) days from mortgage closing date (if purchaser becomes unemployed during
this Vesting Period, there is no coverage for this occurrence of unemployment).
Waiting Period
Thirty (30) days from commencement of unemployment.
Contribution Clause
When joint mortgagors are involved, 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
a) Unemployment must commence during coverage period
b) Coverage is limited to payments due
30 days after unemployment begins
c) Claimant must qualify for state unemployment benefits
d) Claims payments cease immediately upon re-employment
e) In the event of subsequent unemployment, a new 30 day Waiting Period applies
Exclusions
a) Voluntary unemployment
b) Disability or medical (mental or physical)
c) Reasons listed for denial of unemployment benefits
d) Borrowers that are self-employed or are aware of a pending layoff
e) Strike/Lockout
4.20.09
REV
The involuntary unemployment insurance included in the Rainy Day HELP Program is provided and underwritten by Virginia Surety Company, Inc. under group
insurance policy IUI-POL (11-05). Exclusions and limitations apply. See the Certificate of Insurance and Schedule of Coverage for complete details. The Rainy Day
Foundation’s HELP Program is void where prohibited by law and subject to cancellation without further notice. Certain restrictions apply. While Long & Foster
believes this Program could be of significant benefit to many homebuyers, each homebuyer must thoroughly review the details of the Program to determine its
benefits and their eligibility. This overview is not intended to be an exhaustive description. For eligibility requirements and full program details, please contact the
Rainy Day Foundation at 1-888-26-RAINY.
Exclusive Program of Long & Foster Real Estate, Inc.
