The Cobalt Payment Assurance Plan


Buying a home is a huge investment – typically a home mortgage is the largest financial obligation you’ll ever take on. Cobalt Mortgage can help you protect that investment with a no-cost safety net for unforeseen circumstances.

Even in the best of economic times, homeowners can unexpectedly lose their jobs or fall behind on mortgage payments due to events outside their control. That’s why Cobalt Mortgage is proud to introduce the Payment Assurance Plan. Offered in conjunction with the Rainy Day Foundation, a nonprofit organization dedicated to helping individuals achieve their goals of becoming responsible homeowners, the Payment Assurance Plan is designed to protect new FHA-financed home purchases from unexpected financial challenges.

The program is designed to help prospective home buyers take advantage of today’s “buyer’s market.” It features benefits such as mortgage payment protection, assistance with unexpected financial challenges, and a variety of financial counseling services. This program is an excellent way for qualified home buyers to ensure they are protected in times of financial uncertainty.

And participation in the Payment Assurance Plan is free for qualifying individuals – Cobalt Mortgage will pay all enrollment costs for you.

Some Features of the Cobalt Mortgage Payment Assurance Plan include:

 

  • Mortgage Protection

    Should you become involuntarily unemployed during the first 24 months of homeownership, the Payment Assurance Plan covers your mortgage payment for up to $1,800 per month – including PITI (Principal, Interest, Taxes and Insurance) – for up to six months.

  • Financial Assistance

    The Rainy Day Foundation maintains an emergency pool of funds that may be available to assist homeowners in keeping current on their mortgage payments during the first 24 months of homeownership.

  • Communication and Education

    You will receive monthly communication from the Rainy Day Foundation with tips and resources to help you manage your personal finances. Should you experience unforeseen difficulties, the Rainy Day Foundation is available to provide you with the guidance and assistance you need to help you get back on track.


The Payment Assurance Plan is available in King, Snohomish and Pierce counties to FHA-financed purchases of new-construction single-family and condominium properties. In other areas the program is available to FHA-financed purchases in general.

Cobalt Mortgage is dedicated to making homeownership attainable and affordable. If you’re a prospective home buyer who could benefit from added security in your effort to purchase a home, you owe it to yourself to get in touch with Cobalt Mortgage!

 

To speak with me to learn more about the Payment Assurance Plan, please complete the form below:


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