New program protects down payments regardless of market conditions
For many borrowers, saving up a down payment is a multi-year endeavour fraught with stress and uncertainty. Paramount Residential Mortgage Group hopes to make the process a little easier.
The lender recently rolled out a new down-payment protection program designed to help provide some peace of mind regardless of what happens in the housing market. PRMG +Plus, which was announced earlier this month, protects the initial down payment if borrowers are not able to recoup it when they sell.
“This is an important time for homebuyers who want to buy a home as well as the industry as we continue to regain our footing from the market shake-up,” said Joe Melendez, CEO and founder of ValueInsured, which provides +Plus down-payment protection. “We are proud to partner with a company that is a part of the new landscape and has industry-leading customer service.”
Lara Rausch, PRMG vice president of products and training, said the +Plus program is one more way the company is looking out for its customers.
“PRMG understands that buying a home can be a big step for any borrower and that it takes a long time for a borrower to accumulate the necessary down payment to buy a home,” she said. “This option gives them peace of mind as they invest into their new home, knowing that their down payment is safe, regardless of what happens in the housing market.”
PRMG, a Fannie Mae and Ginnie Mae seller/servicer, has more than 138 branches across the U.S. and employs about 1,500 people.
