The Beverly Hills Real Estate blog www.patandmelody.com
Good morning it's Wednesday and welcome to the Beverly Hills Real Estate blog. Guess what? SNOW FORECAST FOR DOWNTOWN LA!!! A freak storm is barreling down from the Pacific Northwest heading for SoCal and forecasters are predicting as much as a foot of snow for downtown LA. Can you believe that? Me either; April Fools!
Partly sunny and temps in the low 70's downtown. Is I just me? Seems every time The Lakers are on television they lose. How weird is that?
Real estate matters: We had 30 plus at our brokers open yesterday for our 7.5 million dollar listing. That was somewhat comforting. If you're an agent here in California dealing with a first time buyer, we've got some good news!
Help from CAR for first time buyers! Read this:
Dear C.A.R. Member,
I am very pleased to announce that this Thursday, April 2, C.A.R. will launch 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.
Through the C.A.R. Housing Affordability Fund Mortgage Protection Program (C.A.R.H.A.F. MPP), first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month for up to six months to help make their mortgage payments. A qualified co-buyer also can participate in the program, for a reduced monthly benefit of $750 per month for up to six months in the event of a job loss. Program benefits also include coverage for accidental disability and a $10,000 death benefit. C.A.R.'s Housing Affordability Fund is dedicating $1 million to the program this year, and estimates that as many as 3,000 families will benefit from the program throughout 2009.
To qualify for the Mortgage Protection Program, applicants must:
. Be a first-time home buyer - someone who has not owned a home in the last three years
. Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009
. Use a California REALTOR® in the transaction
. Purchase the property in California
. Be a W-2 employee (cannot be self-employed or military personnel)
First-time home buyers must request an application for the H.A.F. Mortgage Protection Program from their REALTOR®. For applications and other information on this exciting new program, go to www.car.org/aboutus/hafmainpage/ or contact Monica Rodriguez at (213) 739-8380 or monicar@car.org.
The Mortgage Protection Program is a proactive approach by C.A.R. to address consumers' concerns about the real estate market and their ability to make their mortgage payments should they loose their jobs. I encourage you to take full advantage of this new program by sharing information about the C.A.R.H.A.F. Mortgage Protection Program with your clients. There is no cost to either you or your clients to participate.
Sincerely,
James Liptak
2009 C.A.R. President
That does it for today. Have a great one and see you tomorrow!
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