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Wednesday, May 11, 2005 | ||
Mortgage payment protection for first-time home buyersThe Georgia Department of Community Affairs has announced that it will partner with Genworth Financial, Inc., to bring HomeOpeners MonthlyPlus to its Georgia Dream Homeownership Program applicants. HomeOpeners MonthlyPlus is a new monthly payment mortgage insurance product that offers peace of mind to Georgias first-time home buyers in the event of involuntary unemployment at no extra cost to the borrower. It also offers accidental death, dismemberment or disability coverage at no extra cost to the borrower. The new product, HomeOpeners MonthlyPlus, pays a borrowers Georgia Dream mortgage obligation for up to six months in the event of involuntary unemployment up to a maximum of $2,000 per month. The accidental death, dismemberment and disability coverage under the HomeOpeners MonthlyPlus pays up to a maximum of $12,000 per loan. Coverage applies during the first five years of homeownership, as long as mortgage insurance is in effect, at no additional cost to the borrower. Working with Genworth, were able to offer this valuable extra level of security to the home buying process, said Mike Beatty, Commissioner of the Georgia Department of Community Affairs. We are excited that here in Georgia, HomeOpeners MonthlyPlus will be offered through Georgia Dreams participating lenders. This will allow our participating lenders to distinguish themselves in the marketplace by offering their customers a real benefit at no additional cost. The Georgia Dream Homeownership Program coupled with HomeOpenerssm MonthlyPlus provides below market interest rate mortgage financing, down payment and closing cost assistance plus the added benefit of additional protection against foreclosure in the event of involuntary unemployment or serious injury, said Lewis Fain, senior vice president of marketing and strategic development of Genworths U.S. mortgage insurance business. Were delighted to be working with the Georgia Department of Community Affairs to help first time buyers and to expand homeownership in the state.
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