Mortgage +Plus, a down payment protection program, covers all FHA loan
borrowers and is provided by First Heritage at no additional cost.
“As home prices and competition across the Mid-Atlantic continue to heat up, we find that many potential borrowers are seeking greater confidence in the home buying process,” said Scott Kinne, First Heritage vice president. “If home prices do become volatile, having peace of mind in knowing that their down payment can be protected is a game changer.”
Recent data from Dallas-based ValueInsured, a provider of down payment protection, reported 79% of non-homeowners in the country want to buy a home, and 69% would buy sooner but fear of losing their down payment because of market conditions.
“With ValueInsured’s help, we’ve introduced a new concept to the market — a mortgage product that mitigates financial risk and boosts confidence for home buyers,” said Phil Denfeld, vice president at First Heritage. “With Mortgage +Plus, we bring a new kind of empowerment to our customers. We’re removing the fear of a potential decline in home value after purchase and replacing it with peace of mind.”
Millennials bridging the racial divide in homeownership
What’s holding back would-be home buyers?
Home purchases in the Mid-Atlantic markets of Maryland, Virginia and North Carolina are seeing a boost, thanks to First Heritage Mortgage’s Mortgage +Plus, according to a news release.