The California Association of Realtors has a mortgage protection plan for first-time home buyers. First-time home buyers who loss their job through a layoff might be eligible to receive up to $1500 per month for six months to assist with paying their mortgage. You can also have a co-buyer qualify and receive up to $750 per month for the six months. Some other coverage under the plan is an accidental disability and a $10,000 death benefit. The goal of the plan is to ease the mind of first-time home buyers that are concerned about their ability to pay if they lost their job due to a layoff. The money is being dedicated from the C.A.R. Housing Affordability Fund and hope to benefit around 3,000 families.
The qualifications for the Mortgage Protection Plan are:
- Be a first-time home buyer - not owned a home in the past three years or more.
- Open escrow after April 2, 2009 and close escrow before December 31, 2009
- Use a California Realtor
- Purchase the property in California
- Be a W-2 employee (sorry, not self-employed)
If you would like more information on this program contact your Realtor or you can contact me.
Michael Bates is a local Realtor. He currently resides on the Eastside with his wife of 18 years and their four children. He knows the schools and the area, especially since he grew up on the Eastside. If you would like to know more about the Eastside or Costa Mesa in general you can contact him via email at batesgrouprealty@gmail.com or you can visit his website www.BatesGroupRealty.com. His source for this information is the California Association of Realtors.
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