The year of Assistance

Finance, Relocation & Buyers, Sell My Property

If 2008 was the year of the bailout, 2009 may be the year of assistance.  It’s definitely not the year of recovery…maybe next year??

First time home buyers, or those who haven’t owned a home in the last 3 years, need to be aware of a another assistance program being offered this year only by the California Association of Realtors.

The Mortgage Protection Program is offered through the Housing Affordability Fund, a non-profit 501(c)(3).  Effective April 2, 2009 through a close of escrow on December 31,2009 for California first time home buyers, or someone who has not owned a home in 3 or more years.  The other key points are the buyer must be a W-2 employee and use a REALTOR
<!–[if gte mso 9]> Normal 0 false false false MicrosoftInternetExplorer4 <![endif]–><!–[if gte mso 9]> <![endif]–> <!–[if gte mso 10]> /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:””; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:”Times New Roman”; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} <![endif]–>® in the transaction.The purpose of the program is to establish a fund to support eligible buyers who have lost their job after purchasing a home by providing up to $1500 per month to them for six months, to help make their mortgage payments.  Also part of the program:

a quallified co-buyer can participate with an additional $750 per month for six months;

coverage for accidental disability;

$10,000 death benefit coverage.

To qualify, it must be submitted by an active California REALTOR
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Program Samples