ROCKY HILL…The Connecticut Housing Finance Authority (CHFA) today announced a program that will help protect the mortgage loans of qualified first-time homebuyers in Connecticut if they lose their jobs.
The product, involuntary unemployment insurance (IUI), will be made available on qualified CHFA mortgage loans through PMI Mortgage Insurance Co.’s WorkGapSM IUI Program* with no additional cost to borrowers.
PMI will begin offering the WorkGap program for CHFA loans insured by PMI effective August 15, 2007. WorkGap covers monthly mortgage payments up to $2,000 for four consecutive months of involuntary unemployment, up to a total of $12,000 over two years. Coverage begins 12 months after the close of escrow, and up to two borrowers per loan may be covered.
“We are pleased to be able to include this product on the loans of our borrowers,” said CHFA President Gary E. King. “The WorkGap program offers protection for our customers in the event they lose their jobs. Through our network of lenders, CHFA borrowers whose loans are insured through PMI can now receive an added level of homeowner protection at no additional cost.”
CHFA was created in 1969 by the State Legislature. CHFA’s purpose is to help alleviate the shortage of affordable housing for low- and moderate-income families and persons in Connecticut, and when appropriate, to promote or maintain the economic development of the State through employer-assisted housing efforts. CHFA is financially self-sufficient and operates without state tax revenues. Information about CHFA is available on our website at www.chfa.org or by calling (860) 721-9501.