Homebuyer down payment protection offered by Amalgamated Bank

Well intended insurance measures home values according to a government index
  • First time buyers utilizing an Amalgamated Bank loan can protect up to 5 percent of their down payment at no cost.

  • Under the program homeowners have to wait two years before they can file a claim.

  • +Plus insures down payments up to 20 percent for a maximum of $200,000.

With the goal of protecting homebuyers’ down payments from falling market values Amalgamated Bank has teamed ValueInsured to offer the company’s +Plus product on all eligible mortgages it finances.

While the concept of down payment protection seems applicable in volatile markets with historical price fluctuations, the +Plus program has a number of catches and only seems to benefit borrowers those that purchase lower-valued homes.