On April 2, 2009 the Housing Affordability Fund launched a new program designed to provide peace of mind to first-time buyers who are hesitant to enter the housing market due to concerns about potential job loss, and subsequently being unable to meet their monthly mortgage obligations. 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.
To qualify for the Mortgage Protection Program, Applicants must:
. · Be a first-time home buyer – someone who has not owned
property in the last three years (includes co-buyer).
· Open escrow April 2, 2009, or later, and close on or before
Dec. 31, 2009 (purchase agreement cannot be dated before April 2, 2009)
· Use a California REALTOR® in the transaction
· Purchase the property in California
· Be a W-2 employee (cannot be self-employed)
As always, there are some strings attached, but overall a good program for first time homebuyers. The demand in California is really high righ now. For more information, visit my wesite at http://www.JosephCapote.com or contact me at JCapote@FrancoRealEstateGroup.com
Filed under: Buyer's Blog, first time homebuyer, first time homebuyers, mortage loan, mortgage, mortgage protection program
Joe Capote 