2/01/2010

Another First for Buying: California Mortgage Protection Program





It's so hard to not be helped right now, especially if you're a first time buyer. On top of the $8000 tax credit available right now, California Association of Realtors is also offering a mortgage protection program. More security can be yours if you fit the bill:

Did you know? Through the California Association of Realtors' Housing Affordability Fund qualifying buyers can receive up to $1,500 a month for up to six months in the event of job loss, a qualified co-buyer can also receive a $750 benefit for up to six months to help pay the mortgage. This program began in April of 2009 and continues through the end of 2010. Another great program for first time buyers that adds additional security to their home buying experience! So if you, or someone you know is, are a first time buyer, this program will last until the funds are depleted, or 12/31/2010. This program actually began in April, 2009, and will last until the end of this year, or until funds have been depleted prior to that time. Qualifying buyers can receive up to $1,500 a month for up to six months in the event of job loss, a qualified co-buyer can also receive a $750 benefit for up to six months.

TO QUALIFY FOR THE MORTGAGE PROTECTION PROGRAM APPLICANTS MUST:

  • Be a first-time home buyer or co-buyer – someone who has not owned property in the last three years
  • Open escrow April 2, 2009, or later, and close on or before December 31, 2010 .
  • Use a California REALTOR® in the transaction (fee for referral does not qualify) ·
  • Purchase the property in California
  • Be a W-2 employee (cannot be self-employed)

Applications are available--don't miss this opportunity for another benefit of buying at this time.

http://www.juliahuntsman.com/ for a property search, information on buying residential property.

1 comment:

Jeff Green said...

Julia, thanks you for sharing this info about the mortgage protection program in California. This is great news for a first time home buyer. More security is just what they need with the current market. Keep on sharing helpful posts.

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