Is there a rainy day in your personal job forecast? That wouldn't be surprising - not with unemployment rates in double digits in several states, 8.2 percent nationwide and widely expected to hit 10 percent or higher by next year.
So with all this uncertainty, who can think of buying a home???
Washington based The Rainy Day Foundation is now offering job-loss protection coverage and homebuyer financial counseling through approximately 100 builders and lenders across the country, plus two large real estate brokerages, according to CEO Rick Del Sontro
Here's how the Rainy Day plan works: Consumers purchasing homes through a participating builder, lender or realty agency can qualify for up to six months of mortgage payments - capped at $1,800 per month in some versions and $2,500 in others - if they lose their job during the two years following their closing. There is no direct cost to the buyer. The insurance coverage is underwritten by Virginia Surety.
Sound good? Want to know more?
For more info to go therainydayfoundation.org.
And thank you for making me Your Orange County Real Estate Connection.
Best regards.
Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors
(949) 753-7900
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