Gateway Mortgage Group, a full-service mortgage company licensed in 40 states and the District of Columbia, announced the launch of an innovative program providing homebuyers with protection of their downpayment in the event they sell their home under less than ideal market conditions, the company announced in a press release.
The new program is offered through ValueInsured and has been integrated seamlessly into most of Gateway’s mortgage loan products, the company said.
“Gateway is always growing, innovating and seeking new ways to better support homeownership in the communities we serve around the country,” Gateway Mortgage President Alan Ferree said in the release. “This partnership with ValueInsured allows us to differentiate Gateway from other mortgage lenders while providing our customers with a unique option that offers some peace of mind and simply makes sense for certain markets or borrowers.”
The new Downpayment Protection Program offers homebuyers an optional insurance feature that can minimize market risk on the value of their home and safeguard some, or all, of their downpayment. If the market price drops and the home sells at a loss, up to the full amount of the downpayment could be reimbursed in a turnkey, home inspection-free process usually taking 30 days or less, the company stated.
“Gateway operates in many markets where home values are at all-time highs,” ValueInsured founder and CEO Joe Melendez said. “Gateway continues to prove its commitment as a champion of the American dream by allowing customers to buy with confidence while helping to alleviate the concerns and unpredictability of today’s real estate values.”
Gateway operates more than 170 retail locations across the country. The company’s annual loan volume is forecasted to exceed $7 billion while the servicing portfolio will surpass $20 billion.
“Our primary focus is to deliver the highest level of service to our customers through local, caring mortgage professionals across the nation,” Ferree said. “By offering this Downpayment Protection Program, we will be able to provide our customers with added flexibility, control and confidence in their journey to homeownership.”