This exclusive program, only from Bank of America, offers a unique Borrower Protection Plan (BPP) to borrowers when they apply for a loan to purchase a home. The Borrower Protection Plan can cancel up to a total of 6 monthly principal and interest payments if the borrower is unable to work due to illness or injury, lose their job involuntarily, are hospitalized or loses their life.
There is no cost for the Protection Plan during the first 12 months. The Protection Plan is available on owner-occupied purchase transactions and loan amounts below $500,000. It is very easy to enroll and there are no health requirements, no medical exams required and no age limit. When the loan payments are cancelled there is no requirement to repay later. The borrower can cancel the protection at any time.
Now is a great time to buy a home but potential borrowers are concerned about the economy and their job. The Borrower Protection Plan from Bank of America, which cancels up to 6 monthly loan payments, offers borrowers a peace of mind giving them the confidence to purchase the home they want now.