First time home buyers purchasing in California this year make sure to ask your agent about the new Mortgage Protection Plan being offerred for FREE from C.A.R. California Association of Realtors recently announced they would be offering first-time home buyers a FREE ‘Mortgage Protection Program' using funds from the C.A.R. Housing Affordability Fund. This new program is called the Housing Affordability Fund Mortgage Protection Program.
C.A.R. is the first statewide association in the nation to offer a mortgage protection plan for consumers. C.A.R.'s Housing Affordability Fund is dedicating $1 million toward program and over 3,000 households are expected to take advantage of this new program.
Through the Housing Affordability Fund Mortgage Protection Program, theirfirst-time home buyers who lose jobs due to layoffs may be eligible to receive up to $1,500 per month, for six months, to help make their mortgage payments. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit
What are the requirements to qualify?
- Must be a first-time home buyer, meaning someone who hasn't owned a home in the last three years. Technically, this means you do NOT have to be a "first-time" home buyer.
- Must open escrow on or after April 2nd, 2009 and close escrow on or before December 31st, 2009.
- Must use a realtor who is a member of the California Association of Realtors as your agent.
- Must be purchasing a California property.
- Must be a "W-2 Employee", meaning you're not self-employed.
- There are NO INCOME restrictions.
- There are NO PRICE restrictions
To apply for the program, home buyers must request an application for the H.A.F. Mortgage Protection Program from their REALTOR®.
For a copy of the H.A.F. Mortgage Protection Program application, click here. First time homebuyers call us today for more information at (916) 230-0371.
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Lori Mode & Bruce Durham, Keller Williams Realty, in Elk Grove, CA
Lori Mode and Bruce Durham, Keller Williams Realty - Elk Grove
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Once again the self-employed get discriminated against. What are we to do with no one looking out for us? LOL