EXTENDED INTO 2010!
Due to the popularity of this program, the qualifying period has been extended to December 31, 2010 or when allocated funds have depleted, whichever occurs first.
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
· Open escrow April 2, 2009, or later, and close on or before December 31, 2010
(purchase agreement cannot be dated before April 2, 2009)
· 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)
YOUR REALTOR® CAN PRE-QUALIFY YOU FOR THE MORTGAGE PROTECTION PROGRAM!
Due to the demand for the program, CAR has created a pre-qualification process that will ensure you get a policy if you meet the program qualifications and closes escrow before December 31, 2010.
Just ask your agent for an application and have he/she submit it with a copy of the qualifying executed purchase agreement – your file will be approved pending the receipt of the HUD-1 Closing statement indicating the close of escrow for your buyer.