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Special Program Announcement: GE -HomeOpeners MonthlyPlus

Special Program Announcement

To: VHDA Lenders

From: Janice Burgess

Date: April 5, 2005

Re: GE Mortgage Insurance - HomeOpeners MonthlyPlus


VHDA is pleased to announce a special partnership initiative with GE Mortgage Insurance Corporation (a unit of Genworth Financial) in offering their HomeOpeners MonthlyPlus, a payment protection plan. HomeOpeners MonthlyPlus combines standard Monthly Premium MI with the addition of mortgage payment protection coverage for Involuntary Unemployment, Accidental Death and Dismemberment and Weekly Accidental Income - at no additional costs to the borrower!

Key points of the insurance benefit:
Involuntary Unemployment Insurance covers mortgage payment (PITI) up to $2,000 for a maximum of 6 months
Accidental Death and Dismemberment covers up to $12,000
Weekly Accidental Income due to covered accident up to $375 per week up to 26 weeks
Insurance coverage will be provided to participating borrowers for up to five years while mortgage insurance remains in effect.
The insurance benefit will be available only to borrowers on VHDA loans closed after April 1, 2005.
Loan must be VHDA conventional insured First-time homebuyer loans with GE Mortgage Insurance (lst Choice, Flex, government insured and uninsured loans are not eligible)
Standard mortgage insurance premiums
Standard VHDA interest rate (and pricing options)
More detail information regarding eligibility requirements and program criteria on HomeOpeners Monthly Plus is available in following brochures:

Consumer flyer

Lender Flyer

Lender Brochure


Lender Responsibilities

Offering this special feature is easy. VHDA lenders will have no additional forms to complete or additional responsibilities in the administration of this program. Lenders should provide a HomeOpeners Monthly Plus brochure to customers who will be receiving a VHDA Conventional insured loan with GE Mortgage Insurance. VHDA will provide GE a monthly report of all closed VHDA loans with GE mortgage insurance. Borrowers will then receive information directly from the insurance company outlining the terms and conditions of the insurance after closing. Note: Eligible loans may not be covered through any captive insurance arrangement or any MI financial structures.


Questions or Additional Information
Attached are basic general guidelines along with brochures for borrowers, Realtors and lenders. You may contact one of the following GE Mortgage Representatives serving the Virginia market area with questions regarding this special program, or you may contact Janice Burgess directly at 804-343-5926 or janice.burgess@vhda.com

GE Mortgage Representatives:

Kelly Gasko 757-375-1822
Teresa Howell 703-282-7661
Kathryn David 800-495-3171

We are excited to participate with GE Mortgage Insurance in this program. This special benefit will help address the concerns of many first-time homebuyers in maintaining their home and credit rating should an unexpected loss of income occur. The combination of VHDA's low interest rate and GE's HomeOpeners Monthly Plus program will provide affordable monthly payments with an added level of homeowner protection at no additional cost.

As always, we appreciate your support of VHDA's programs and your help in making affordable homeownership a reality for households throughout Virginia.

 

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