If you are a first time homebuyer and are just about to purchase a home, or are actively seeking to purchase through HomeReach.com before the tax credit deadline, then you must take a look at the California Association of Realtors’ Mortgage Protection Program. The program was developed to help ease the anxiety of consumers who are concerned about potential job loss and its impact on their ability to pay their mortgage should they purchase a home. It provides peace of mind to buyers who are actively searching for a home. There is NO COST to you!
Through the Housing Affordability Fund Mortgage Protection Program, first-time home buyers who lose their 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.
To qualify for the Mortgage Protection Program, applicants must:
. Be a first-time home buyer – someone who has not owned a home in three or more years
. Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009
. Use a California REALTOR® in the transaction
. Purchase the property in California
. Be a W-2 employee (cannot be self-employed)
To apply for the program, home buyers must request an application for the H.A.F. Mortgage Protection Program from one of our REALTORS®.
Contact us for additional information. The deadline for this program is December 31, 2009.
Your Specialized HomeReach.com Agent,
Gloria M. Baker