Gateway Mortgage Group has launched a down-payment protection program for homebuyers who could find themselves selling their homes under less-than-ideal market conditions.
Gateway is offering the program through ValueInsured and has integrated the offering into most of its mortgage loan products.
“Gateway is always growing, innovating, and seeking new ways to better support homeownership in the communities we serve around the country,” Gateway President Alan Ferree said. “This partnership with ValueInsured allows us to differentiate Gateway from other mortgage lenders while providing our customers with a unique option that offers some peace of mind and simply makes sense for certain markets or borrowers.”
The program offers homebuyers an optional insurance feature that can minimize market risk on the value of their home and safeguard some, or all, of their down payment. Under the program, homebuyers could be reimbursed up to the full amount of the down payment if the market price drops and the home sells at a loss.
Gateway said that reimbursement is a turnkey, home-inspection-free process that usually takes 30 days or less.
“Our primary focus is to deliver the highest level of service to our customers through local, caring mortgage professionals across the nation,” Ferree said. “By offering this down-payment protection program, we will be able to provide our customers with added flexibility, control, and confidence in their journey to homeownership.”