Innovative Insurance Product Now Available To Homebuyers Using VA Loans
Home Value Lock, an innovative new insurance product recently launched in the Sacramento area, has announced a program to support VA loan applicants.
With rising mortgage rates and property insurance impacting affordability, homebuyers are increasingly concerned about the health of the California housing market. Now, with Home Value Lock, they can protect 10% of the market value of their home purchase for the first three years of ownership.
When a homebuyer is about to spend $500K-plus on a home, they can now ask for an affordable market value insurance to be included in their purchase. This type of insurance coverage usually applies to homebuyers who make at least a 3% down payment on a home purchase. However, the program has now been expanded to VA mortgage applicants using up to 100% financing.
“We know that during active service, it can be hard for members of the armed forces community to know how long they’re going to be in one place. They can’t always wait for favorable home market conditions to buy and sell,” said Evan Weston, Director of Sales at Home Value Lock and a United States Air Force Veteran. “Home Value Lock is designed to provide some peace of mind for military personnel in this situation, and I’m very pleased that we’ve been able to work with our insurance team to deliver this coverage to the VA loan community.”
Market analyst Jonathan Miller, who is President and CEO of real estate appraisal and consulting firm Miller Samuel, is the co-author of the StreetMatrix index series used by Home Value Lock. “Home Value Lock is a great use case for StreetMatrix. We’ve built something that helps the financial sector understand home market volatility better,” said Miller, “and that’s translating here into valuable and affordable insurance coverage for Veterans.”
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