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Pre-Homebuyer Education: (Prior to closing)
This educational program has been developed to provide homebuyers with the knowledge necessary for them to become successful long-term homeowners. The primary objective of the pre-purchase counseling is to ensure that homebuyers have a good understanding of buying and maintaining their home as well as identifying any potential weaknesses in the buyers' comprehension or financial capacities.
Mortgage Protection Program: (1 Year Coverage)
The Mortgage Protection Program will provide up to six months of mortgage payments if the borrower (or co-borrower) becomes involuntarily unemployed. That means that while the homeowner seeks new employment, we will be there to assist by making the mortgage payments which provides peace of mind for the employment seeker and their family.
Program Benefits
- Up to six months of Mortgage Payments (per year)
- Coverage up to $1800 per month
- Easy enrollment process
- Program underwritten by one of the industries top insurance company
Eligibility Requirements
- Employed full time (minimum of 30 hours per week)
- Vesting period is 60 days
- Cannot be self employed, an independent contractor, or active military
- Cannot own greater than 10% interest in his/her employer's business
- Must be between the ages of 18 and 66.
- For more information, or for terms and conditions, please contact us at 1-888-267-2469 or e-mail us at info@rainydayfoundation.org
Rainy Day Program: (Access to funds for the initial year of homeownership)
Our Rainy Day Program assists individuals through financially difficult times. The assistance we provide may be financial, educational or both. Our mission is quite simple. At the Rainy Day Foundation we, "Protect Homeowners from the Unexpected".
There are many homebuyers who during their first year or so of home ownership encounter short-term financial difficulties. These challenges often lead to early defaults or delinquencies. Suddenly the dream of homeownership is not as fulfilling as once thought. This is where the Rainy Day Program comes in to play. In short, the Rainy Day Program is a safety net for homeowners. If the homeowner experiences an unexpected financial emergency, the Rainy Day Program may provide gift funds to be used for the express purpose of making a mortgage payment. (Examples of items that will be covered are unexpected medical expenses, protection for various short-term disabilities, unusually high car repair bills, catastrophic events, or other major financial events)
Early Delinquency Counseling:
This is a positive approach to provide assistance to well-intended homeowners who have nonetheless demonstrated difficulty in making the monthly mortgage payments. A counselor will determine the reason the existing delinquency and work with the individual borrowers, analyzing their overall financial situation and the probability of continued financial difficulty. The goal of this program is to provide borrowers with the opportunity to review their entire financial situation, develop a successful budget, create capacity for regaining financial control and secure financial assistance.
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