Home Value Lock, a new insurance product recently launched in Sacramento, Calif., by licensed surplus lines insurance broker OMT Insurance Services announced a program to support VA loan applicants.
With Home Value Lock, California homebuyers facing affordability challenges can protect 10 percent of the market value of their home purchase for the first three years of ownership. This type of market value insurance coverage usually applies to homebuyers who make at least a 3 percent down payment. However, the program has been expanded to VA mortgage applicants using up to 100 percent 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 U.S. 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, president and CEO of real estate appraisal and consulting firm Miller Samuel, is also the co-author of the StreetMatrix real-time index series used by Home Value Lock to track local, regional and national home price markets.
“Home Value Lock is a great use case for StreetMatrix. We’ve built something that helps the financial sector understand home market volatility better, and that’s translating here into valuable and affordable insurance coverage for veterans,” Miller said.