Many homebuyers worry about
what will happen to their home if they lose their job.
HomeOpeners helps borrowers stay in their home, make
mortgage payments and maintain their credit standing
in the event of job loss.
How The Program Works
HomeOpeners is designed to make up to six monthly
mortgage payments if the borrower becomes involuntarily
unemployed, is receiving California Employment Development
Department unemployment benefits, and is seeking re-employment.
The borrower does not have to repay this money. Most
conventional loans that are mortgage insured by CalHFA
Mortgage Insurance Services automatically include HomeOpeners.
This is offered as part of primary mortgage insurance
at no additional cost to the borrower or lender.
Program Elements
Requirements |
Details and Reference
Sources |
HomeOpeners Coverage |
- The maximum monthly benefit is the lesser
of the actual monthly mortgage payment or
$2,500.
- Coverage is provided for all qualified
borrowers and co-borrowers. The amount of the benefit
is based on the ratio of the unemployed borrower’s
income to the total household income. (For example,
if the unemployed borrower earns $3,000 of a $6,000
total household monthly income, the benefit payment
is 50% of the monthly mortgage payment).
|
Term |
- First three years of the loan, provided
CalHFA mortgage insurance coverage remains
in effect.
- The benefit covers a maximum
of six (6) monthly payments.
|
Eligibility |
- All eligible borrowers are required to
maintain CalHFA primary mortgage insurance
in order to continue HomeOpeners.
- Borrowers must live in the property that
is subject of the loan.
- Borrower must be
receiving California Employment Development
Department unemployment benefits.
|
Other Requirements |
The borrower must
be unemployed during all weekly work periods
in the month for which the monthly benefit is
claimed. In addition, mortgage insurance
coverage must be in place at the time of the
claim. The HomeOpeners benefit also terminates
with CalHFA mortgage insurance cancellation. |
For More Information
To learn more about HomeOpeners coverage and eligibility,
please contact the insurer’s Benefit Administrator,
toll free at 877.484.5677.
* HomeOpeners is a registered trademark of Genworth
Mortgage Holdings, LLC. HomeOpeners coverage is subject
to certain restrictions and limitations.
02/09
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