Insurance covers homebuyers’ mortgage down payments
Pacific Union Financial and ValueInsured have announced the launch of PacificPlus, a new mortgage product that protects a homebuyer’s down payment.
PacificPlus features ValueInsured’s +Plus down payment protection embedded into loans offered by Pacific Union Financial. The PacificPlus program enables homebuyers to safeguard their down payment and purchase, even if they need to move and real estate market values are down when they sell. The program provides coverage up to the full amount of their down payment and, if all program requirements are met, reimburses any potential losses.
The requirements for the program is that the home or condominium must be owner-occupied and that there is a down payment. VA loans and other loans that don’t require down payments are ineligible.
“We work hard to make sure every interest of our customer is covered. We want the mortgage experience to be easy for our borrowers, but most importantly, we want them to reap every benefit possible from homeownership,” said Brandon Story, chief strategy officer of Irving, Texas-based Pacific Union Financial.
“PacificPlus is another addition to the Pacific Union product offering that ensures our borrowers have the tools they need to make the right financial decisions for their situation,” Story said.
Story added that when the companies began their relationship in fall 2016, Melendez and his company’s passion for down payment insurance was very clear. Under their partnership, Pacific Union Financial has become the first national lender to offer down payment insurance in its retail, wholesale and correspondent lending channels.
“We’re excited to partner with Pacific Union Financial on the nationwide launch of PacificPlus,” said Joe Melendez, founder CEO of ValueInsured, based in Dallas, Texas. “By offering their customers this homebuyer empowerment program, Pacific Union Financial joins other pioneering mortgage lenders in providing the first program that allows homebuyers to protect themselves from unpredictable market fluctuations, and significantly increase their chance of building wealth and security when they buy a home.”