HomeOpeners®, a Mortgage Protection Program

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 makes 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 five 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.

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 866.562.5677: