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 down payment in the event they sell their home under less than ideal market conditions. The new program is offered through ValueInsured and has been seamlessly integrated into most of Gateway’s mortgage loan products.
“Gateway is always growing, innovating and seeking new ways to better support homeownership in the communities we serve around the country,” said Alan Ferree, president of Gateway. “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 Down Payment 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 down payment. If the market price drops and the home sells at a loss, up to the full amount of the down payment could be reimbursed in a turnkey, home inspection-free process usually taking 30 days or less (some restrictions apply).
“Gateway operates in many markets where home values are at all-time highs,” said Joe Melendez, founder and CEO of ValueInsured. “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.”
Ferree added, “Our primary focus is to deliver the highest level of service to our customers through local, caring mortgage professionals across the nation. By offering this Down Payment Protection Program, we will be able to provide our customers with added flexibility, control and confidence in their journey to homeownership.”
Gateway is licensed in 40 states, and the District of Columbia, and 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.