MIPlus Continues to Offer Peace of Mind for MassHousing Borrowers
April 1, 2020
MassHousing’s Mortgage Insurance with MIPlus was created in 2004, well before the global financial crisis and the COVID-19 pandemic. But through those times and still today, MIPlus has continued to provide stability, security and peace of mind for homeowners facing difficult times.
MI Plus helps homeowners pay their mortgage if they lose their job, providing up to $4,000 per month (up to $2,000/month for loans that were approved for mortgage insurance before July 1, 2024) to cover principal and interest payments for up to six months. The benefit is offered at no additional cost on all loans insured by MassHousing, which includes MassHousing loans and portfolio loans from our partner community banks that are insured through the MassHousing Mortgage Insurance Fund.
The innovative job-loss protections provided by MIPlus remain unique in the mortgage insurance industry. Typically, private mortgage insurance (PMI) is paid for by the borrower but only protects the lender in cases of default.
MIPlus was created with the understanding that unemployment is usually temporary, and that supporting a borrower while they look for a new job serves them better over the long term. Knowing their mortgage is covered, they are able to be patient in their job search and find the right opportunity.
Since the program was launched in 2004, more than 1,500 borrowers have received more than $7.8 million in MIPlus benefits, helping them remain in their homes while they search for new employment.
If you are a homebuyer or homeowner interested in learning more about MI Plus, please contact one of our partner lenders. If you are a lender interested in learning more about MassHousing Mortgage Insurance and MI Plus, please contact our HomeOwnership Business Development Team.
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