Don’t lose your downpayment.
People are afraid of losing their down payment if the market goes against them and they have to sell for less than what they paid. This is a new service that sounds interesting.
Called +Plus, the new down payment protection works like the insurance homebuyers are already paying for at closing except that it protects the homebuyer: If the market falls and the homeowner decides to sell, +Plus will reimburse them up to the full value of a 20 percent down payment. The average cost for the protection is equivalent to less than a lunch per month. If you want it today, go to Amalgamated Bank. +Plus is available on all eligible Amalgamated Bank mortgages. It’s included at no cost exclusively in the bank’s First-Time Homebuyer +Plus program, in that case covering down payments of up to 5 percent of the home’s purchase cost. Amalgamated Bank, whose stated purpose is “affordable and accessible banking for all,” is the first of many lenders that will make down payment protection available to its homebuyers.
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