It’s a legitimate concern that many first time buyers have expressed. If your place of employment is shaky, then you probably don’t want to take the risk right now. But, if you are in a stable position and just want a little added comfort, read more.
The California Association of Realtors launched a Housing Affordability Mortgage Protection Program for first time buyers. Should you lose your job due to a layoff, you may be eligible to receive up to $1500 a month for 6 months to help make mortgage payments. A co-buyer may be eligible to receive up to $750 a month to help make the payments.
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 (includes co-buyer)
• 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) This is a no-cost benefit to you.
Before you start your home search, gain some peace of mind. Make sure you are working with an agent who is a current Realtor® member.
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