The California Association of Realtors is launching a new program today called the California Association of Realtors' Housing Affordability Fund Mortgage Protection Program. While it is a mouthful to say, the California Association Realtors is putting some money where their "mouthful" is. The program is designed to address the concerns of first-time home buyers nervous about entering the housing market because of fears over potential job loss and then not being able to pay their monthly mortgage.
The new program from C.A.R. provides that first-time home buyers who lose their jobs due to layoffs may be eligible for up to $1,500 per month for up to six months to assist them in making their mortgage payments. A qualified co-buyer may also take part in this program and receive up to $750 per month up to six months if they suffer a job loss due to being laid off.
To qualify for the California Association of Realtors' Housing Affordability Fund Mortgage Protection Program, the applicants must:
Be a first-time home buyer (someone who hasn't owned a home in the last three years
Open escrow April 2, 2009, or later, and close on or before December 31, 2009.
Use a California Realtor in the transaction
Purchase the property in California
Be a w/2 employee (can not be self-employed or military personnel)
This program is an important step taken towards the stabilization of the California real estate market and the California Association of Realtors is to be congratulated on its proactive response.
If you are a first-time home buyer sitting on the proverbial fence about buying a home, give your Realtor a call to learn more about the benefits of this C.A.R program. (Now for a bit of shameless self-promotion) If you don't have a Realtor, give me a call to learn more about the benefits of this program or to request an application.
